Answering many questions for Korean businesses at 2024 tax and customs policy dialogue conference

VCN - At the Dialogue Conference with Korean businesses on tax and customs policies and administrative procedures in 2023-2024 organized by the Ministry of Finance on the afternoon of February 29, representatives of leaders of units under the Ministry Finance, General Department of Taxation, and General Department of Customs directly answered in detail questions of Korean businesses related to the field of tax and customs.
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Representatives of leaders of units under the Ministry of Finance directly answer problems of Korean businesses.
Representatives of leaders of units under the Ministry of Finance directly answer problems of Korean businesses.

Maximum support for the FDI businesses in Vietnam to feel confidence in expanding production

Speaking at the conference, Mr. Choi Youngsam, Korean Ambassador to Vietnam, said that most countries in the tax world have made efforts to build tax systems with a broad tax base and low tax rates to minimize economic fluctuations and ensure a stable tax base.

Developing a stable economic ecosystem in which many economic entities can operate dynamically is the most important key to ensuring a broad tax base, or in other words, ensuring a stable tax revenue. In recent years, due to the rapidly changing tax environment, tax laws and tax administrative procedures have been constantly changing.

Therefore, the organization of this conference has great significance and is a valuable opportunity for Korean businesses to state their voice to the Ministry of Finance on tax and customs policies, and share specific directions and efforts in Vietnam's recent tax policy. At the same time, it is an opportunity to solve problems during the operation of Korean businesses, making a practical contribution to the production and business activities of businesses.

Businesses attend the conference
Businesses attend the conference

"Thanks to the attention and support of Vietnam's Tax and Customs authorities in recent years, Korean businesses have built a business foundation in many fields and in many localities in Vietnam. However, Korean businesses still need to receive active support from the Vietnamese Government in the coming time," said Mr. Choi Youngsam.

According to Mr. Choi Youngsam, in addition to the problem of double taxation on additional income from international transportation activities, some businesses also reported difficulties in the delay in VAT refund in some localities, and the listing of subcontractor contract money to the list of taxable income or cancelation of committed corporate income tax incentives and reductions.

According to Deputy Minister of Finance Cao Anh Tuan, with the spirit and efforts of always accompanying and supporting businesses and people, especially in the context of volatile economic and political situations at home and abroad, the Ministry of Finance has received and processed hundreds of complaints sent by Korean businesses on problems arising in the production and business activities.

Specifically: problems on VAT refund, procedures, tax invoices and documents in export processing zones, corporate income tax incentives and exemptions, import and export taxes, costs when calculating corporate income tax.

According to the Deputy Minister, the Ministry of Finance has promptly researched, proposed to competent authorities and offered solutions on taxes, fees and charges to support people, businesses and Korean businesses. Supportive policies are great and effective and many solutions are unprecedented.

Answer many questions related to tax refund

At the conference, under the host of Deputy Minister Cao Anh Tuan, representatives of leaders of units under the Ministry of Finance, the General Department of Taxation, and the General Department of Customs introduced the main contents and results in the field of tax and custom; and directly answered answers of FDI enterprises related to the field of tax and customs.

An representative of a Korean business raises questions at the conference.
An representative of a Korean business raises questions at the conference.

At the Conference, Kocham representative raised questions related to the payment of overtime wages that are not included in the cost of corporate income tax. The enterprise generated 200 overtime hours/person/year, incurring corporate income tax for the enterprise.

The regulation on the overtime working hour of 16 hours/month/person makes it difficult for the enterprise, along with difficulties in procedures to request an increase in overtime hours, meanwhile, many businesses have to let their employees work overtime to ensure orders because they can't find enough workers.

Responding to this issue, Mr. Mai Son, Deputy Director of the General Department of Taxation, said that the regulations clearly state that employees have a ceiling of no more than 200 overtime hours /year, and no more than 300 hours/person/year for specialized work. Therefore, businesses need to find other solutions to harmonize legal regulations and ensure the health of workers.

Also at the conference, representatives of the leaders of the General Department of Taxation, the General Department of Customs, and the Department of Management and Supervision of Tax, Fees and Charges Policy (Ministry of Finance) also answered questions related to problems in tax refund for imports of input materials for export processing; VAT refund for on-site import and export goods and on-site import and export goods declaration; tax refund for businesses expanding investment in production and business; and removed difficulties for businesses in implementing regulations on inspection of imported and exported goods damaged by fire that are under supervision by the Customs agency; difficulties in duty-free business; difficulties for businesses in selling apartments outside export processing zones; VAT refund for export processing enterprises in non-tariff zones; applying corporate income tax incentives...

Regarding comments on content related to regulations in Laws, Decree, etc. beyond authority of the ministry, Deputy Minister of Finance Cao Anh Tuan requested relevant units to synthesize and report to the Government.

Concluding the conference, Deputy Minister Cao Anh Tuan said that tax and customs policies and administrative procedures always receive the top attention of businesses. The Ministry of Finance, the General Department of Taxation, the General Department of Customs and other units always pay attention and actively support businesses;

With the new regulations in the field of tax and customs summarized at this conference, businesses have the opportunity to listen directly and more specifically, as well as exchange to gain a deeper understanding, supporting them production and business activities in Vietnam.

In addition to the questions and issues mentioned above, it is recommended that businesses can directly contact the Ministry of Finance, the General Department of Taxation, the General Department of Customs or through the Korean Embassy in Vietnam to receive timely answers and instructions.

By Hoai Anh/ Huyen Trang

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