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Guidance needed on amended tax laws

Released at: 16:08, 05/12/2014

Guidance needed on amended tax laws

Tax authorities have been asked to prepare draft decrees and circulars on amended and supplemented tax laws.

by Lam Anh

Deputy Minister of Finance Do Hoang Anh Tuan has requested the General Department of Taxation (GDT) review issues relating to the tax procedures of enterprises and prepare associated draft decrees and circulars guiding the implementation of taxation laws.

He also asked the GDT to actively guide tax policies among the business community in December while waiting for legal documents guiding the implementation of amended and supplemented laws to be issued. At a recent online conference held by the GDT, he introduced the new points of the amendments and supplements, which relate to laws on personal income tax, VAT, natural resources tax, and corporate income tax.

For example, from January 1, 2015 exemptions on personal income tax will be allowed on incomes of Vietnamese crews working for foreign shipping companies or local crews working in international transportation, and on incomes of individuals who are ship owners and those who provide goods and services to ships exploiting and fishing offshore, and on the incomes of crews working for either.

The management of household business will also be under a new management mechanism from January 1, 2015. The personal income tax of households and individuals doing business will be calculated based on the percentage of taxable income and turnover for each field and sector in production and business. Therefore, “the tax agency must determine their revenue precisely, to apply the ratio for household businesses,” said Mr. Tuan.

The Minister of Finance has said that every enterprise must receive guidance on these issues, especially those in large cities.

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