On the sidelines of Deloitte Vietnam’s TaxUpdate Seminar on November 26 where Deloitte experts shared experiencesin year-end tax finalisation and exposures from recent tax inspections,The Saigon Times Daily spoke with Phan Vu Hoang, Tax Partner of DeloitteVietnam, over some tax issues that might be of enterprises’ interest.* What issues taxpayers should pay particular attention to in tax inspections and audits this year? In 2013, in line with the newly amended Law on Tax Administration(“LOTA”) effective from July 2013, tax authorities have strengthened taxaudit and tax inspection activities. One notable issue in the amendedLOTA is that tax authorities will manage taxpayers through frequentanalysis of financial statements, assessment of compliance level, andconsequently classification of risk level with regard to tax compliance.Accordingly, tax authorities would more frequently investigate andaudit corporate taxpayers with high tax compliance risk than others. … [Read more...] about Tax inspections getting tougher
Penalties for tax evasion
The Manchester City goalkeeper saved all three penalties from Portugal's Ricardo Quaresma, Joao Moutinho and Nani, while Arturo Vidal, Charles Aranguiz and Alexis Sanchez nailed their spot-kicks for the South Americans."We are satisfied with the result and how we played, but we have still not won anything," warned the 34-year-old Bravo.Chile progress to Sunday's final in St Petersburg to face either Mexico or Germany, who meet Thursday in Sochi in the other semi-final."I'm very proud of this team. Claudio pulled off some good saves to keep us in the game," said Chile coach Juan Antonio Pizzi."He had the ability to foresee where their players would put their kicks. Now it doesn't matter who we get, we just need to recover for the final."Losers Portugal will contest Sunday's third-place play-off in Moscow.Chile almost settled Wednesday's match in the dying stages of extra-time when both Vidal and substitute Martin Rodriguez hit the woodwork as Portugal hung on to take the game to a … [Read more...] about Chile beat Portugal 3-0 on penalties to reach Confed Cup final
A group of 12 European newspapers said it intends to disclose over the next three weeks the results of investigations into widespread alleged corruption at the heart of football under the banner "Football Leaks".Both Ronaldo and Mourinho say that they have fully complied with British and Spanish fiscal requirements.Based on leaked documents obtained by German weekly Der Spiegel, the outlets claim that Real Madrid and Portuguese star Ronaldo could have "hidden €150 million in tax havens in Switzerland and the British Virgin Islands"."On this amount, the striker paid only €5.6 million in taxes, or barely four per cent," added the report.Ronaldo, it is claimed, benefits from "a system developed by his agent Jorge Mendes".They cite two operations related to advertising revenue of the Portuguese star.The first, between 2009 and 2014, could represent "€74.8 million via an offshore company called Tollin, registered in the British Virgin Islands", said the report released … [Read more...] about Ronaldo, Mourinho in ‘tax evasion’ claims
In each store, there is a variety of goods, including cosmetics, food, beverages, clothes, tooth brushes, cigarettes, glasses, knives, chopsticks and cooking pans.All of them are foreign branded and hand carried to Viet Nam on airlines. For this reason, Alley No 158 is infamously called the “paradise of hand carried goods (HCGs)” in Ha Noi.The goods sold by residents are not low cost compared to Vietnamese products, however, they are cheaper than legally imported products.Being sold at only slightly lower cost than market prices, hand-carried perfumes, cigarettes and wine are the favourite products because legally imported goods often bear high taxes and also, there are many fakes.Nearly 20 years ago, mini shops started to appear on this street, also home to a lot of airline agencies. It has another nickname – “airline street”.At that time, life for Hanoians was getting better. People often asked relatives working for airlines to carry foreign products … [Read more...] about Ha Noi street offers tax-free foreign goods
On 19 December 2005, General Department of Customs issued Decision No. 1952/QD-TCHQ promulgating regulation on issuance incentive customs procedure certificates (“incentive card”) to enterprises. Accordingly, the application objects of this Decision are enterprises engaging in import and export of goods for at least 365 days up to the date of application for incentive card. The conditions, order and procedures of issuance of incentive certificate are as follows: 1. Conditions: Enterprises have strictly complied with laws on customs, concretely as: Enterprises are not incurred sanctions against smuggling, illegal transaction of goods beyond frontier; - Enterprises are not incurred sanctions against administration violations in customs with the level of penalty exceeding authority of Director of Customs Agency; … [Read more...] about Please advise us about conditions, order and procedures of issuance of incentive certificate for import and export enterprises?
I learnt that, import – export enterprises could apply for certificate of incentive customs procedures (“Incentive certificate”). This matter was found that very useful for my company’s import and export activities. Therefore, please advise us about conditions, order and procedures of issuance of incentive certificate? On 19 December 2005, General Department of Customs issued Decision No. 1952/QD-TCHQ promulgating regulation on issuance incentive customs procedure certificates (“incentive card”) to enterprises. Accordingly, the application objects of this Decision are enterprises engaging in import and export of goods for at least 365 days up to the date of application for incentive card. The conditions, order and procedures of issuance of incentive certificate are as follows: 1. Conditions: Enterprises have strictly complied with laws on customs, concretely as: … [Read more...] about Please advise us about conditions, order and procedures of issuance of incentive certificate for import – export enterprises?
WASHINGTON (AFP) — Swiss Bank BSI will pay a US$211 million penalty after acknowledging it helped clients create sham identities to evade US taxes, the Justice Department announced Monday.BSI employed myriad schemes to facilitate tax evasion, such as creating false-front corporations and trusts to hide money.BSI had more than 3,000 active accounts secretly tied to US taxpayers after 2008, many of which it knew were not disclosed to US authorities, Justice said.Under a two-year deferred prosecution agreement, BSI agreed to make a complete disclosure of cross-border activities, assist prosecutors with all investigations related to the case and ensure that all new accounts will be declared to the US BSI came forward to US prosecutors under a 2013 program started by Justice's tax division to encourage banks to self-disclose violations. Justice expects similar agreements in the "near future," said assistant attorney general Caroline Ciraolo."The program offers a unique opportunity for … [Read more...] about Swiss bank BSI fined $211 mn in US tax evasion case
Tempers are fraying at Italy's tax offices, as higher bills and a government clamp-down on evaders has driven recession-hit Italians to vent their anger on the country's most hated institution. Demonstrators face riot police "There's no end to it. Each day the noose tightens around our necks, and the more they tighten the screws, the less we can pay," one young businessman Gianbattista Tagliani told AFP. "The government wants to recover taxes too quickly." Tagliani, who owns a media monitoring firm, has come to one of the Equitalia tax collection counters in Rome to pay 5,000 euros (USD6,250) in overdue social security contributions. The irony, he says, is that the State is one of his clients -- and it currently owes him 20,000 euros. But as it always pays him up to six months late for his services, he has had to find the 5,000 he owes them elsewhere. "On the other hand, celebrities like (motorcycle racer champion) Valentino Rossi say, 'Okay, I'll pay up now, if you give me … [Read more...] about War on tax evasion squeezes crisis-hit Italians
HA NOI — The National Assembly Standing Committee yesterday discussed draft amendments to the Law on Tax Administration, as well as proposed allocation of Government bond proceeds to traffic, irrigation, health and education projects. Minister of Finance Vuong Dinh Hue said amendments to the Law on Tax Administration were aimed at reducing tax collection losses, preventing tax evasion and modernising administrative procedures. New provisions would address fines and penalties for tax evasion and revised tax payment procedures. National Assembly Chairman Nguyen Sinh Hung blamed increased tax evasion on dwindling tax collections, calling for the rights and responsibilities of taxpayers and tax officials to be made clear – along with strict punitive measures. But National Assembly Finance and Budget Committee chairman Phung Quoc Hien said many of the articles in the draft law were too general, including conditions for tax debt clearance and penalties. He stressed that, to … [Read more...] about Lawmakers debate tax procedures, bonds
Small-volume exports crossing the Ka Long border river in Mong Cai Town, Quang Ninh Province. Cross-border trade is one of the areas with highest tax losses. — VNA/VNS Photo Hoai Nam HA NOI — The General Department of Taxation has set a priority on battling fraud and other losses in tax collections in cases of cost transfers, cross-border trade, land use, online businesses, tax refunds and value-added taxes. Speaking at a meeting in the capital city yesterday, Deputy Minister of Finance Hoang Anh Tuan asked staff working in the taxation sector to improve operations to ensure a level playing field for all enterprises. He asked the sector to conduct further study and make proposals to bring tax policy closer to reality. While he reminded the sector to continue auditing enterprises to ensure compliance with tax regulations, he also urged tax agencies to assist enterprises to improve their performance. To … [Read more...] about Crack down on tax cheats