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Workshop discusses tax policy
Taxing our way out of global recession was the theme of a workshop held yesterday in Ha Noi to give the business sector a landscape and strategic vision of taxation in the current context of crisis and provide the preconditions to help businesses encounter any potential crises in the future.
The workshop was also part of an information update plan and taxation forum for British Association of Chartered Certified Accountants members, those who are holding key positions in major corporations and groups, and members of the Viet Nam Taxation Consulting Association nation-wide. It was co-organised by the two associations.
The workshop hinged around post global depression issues of taxation systems as well as exchanges and lessons learnt from the UK's Tax Policy Committee. Also, the workshop discussed in detail topics relating to new provisions on value added tax rebate for export goods and extension of tax payment deadlines for specific services. Particular attention was given with regards to corporate income tax, a major concern among the business community in Circular 39/2010/TT-BTC which specifies the amount of corporate income tax allowed for delayed payment and deadline extension.
Important issues associated with tax filing for 2009, profit or loss consolidation and loss carry-over were also discussed meticulously to ensure compliance.
Nguyen Thi Cuc, former head of the General Department of Taxation, said that in light of recent massive support by the Government to help companies emerge from the crisis, the corporate sector must capitalise to the full tax incentives.
In addition, companies should effectively tap their internal strengths and improve competitiveness to safeguard and expand market share, overcome challenges and broaden businesses, using comprehensive actions, including upgrading of managerial capacity, application of technology and know-how to efficiently cater to the needs of Vietnamese consumers and increase exports.
In respect of personal income tax, participants voiced their concerns about determining and registering personal income tax in line with Official Notice 3473/TCT-TNCN of the General Department of Taxation.
Concerning tax policies, Chas Roy Chowdhury, Head of the UK's ACCA Taxation Department, said tax policies in developing countries like Viet Nam should be simple.
Particularly, with regard to corporate income tax, simplification of the system was recommended.
Companies need to be fully aware that in times of crisis "cash was king" and they needed to control debt effectively to make sure that customers paid their debts on time and debt payment plan should also be closely monitored, he said.
Le Hong Len, the Viet Nam representative of the British association said she hoped the seminar would help people working in accounting and auditing have a more comprehensive view about changes in tax policies in other countries as well as Viet Nam in the context of post global economic recession.
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