Ho Chi Minh City: drastically fighting against losses of revenues and transfer pricing

VCN – on 19 February, 2017, the Ho Chi Minh City Municipal Party Standing Committee and Permanent Committee had a meeting with the Ho Chi Minh City Tax Department on fighting against loss of tax revenues and transfer pricing. Deputy Chairman of the People’s Committee of Ho Chi Minh City, Tran Vinh Tuyen and Deputy Minister of Finance attended the meeting.
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ho chi minh city drastically fighting against losses of revenues and pricing transfer

Deputy Minister of Finance Vu Thi Mai stated at the meeting

Report on the performance of the fight against losses and transfer pricing transfer in 2016, the Ho Chi Minh City Tax Department acknowledged that in the past year, the unit inspected at the tax offices nearly 150,800 tax declaration dossiers with additional declared tax of 71 billion vnd, examined and re-checked more than 20,233 enterprises with tax arrears and penalties of 2.800 billion vnd, decreasing 381 billion vnd of VAT deduction and 120.162 billion vnd of loss.

In particular, the Tax Department focused on further analyzing and deploying the fight against loss of revenues and risks for 16 fields and activities which have risks on tax, bringing positive effects and significant increase for the State budget.

In addition, through inspection and examination, the Ho Chi Minh City Tax Department increased 394 billion vnd of revenues from reviewing and correcting declarations on items subject to special income tax; collected 92 billion vnd from enterprises which have not been inspected for a long time; collected 42 billion vnd from fields of business and real estate transfer; collected 33 billion vnd from enterprises with suspicious bank transactions; collected 27 billion vnd from multi-level marketing enterprises and collected 15 billion vnd from automobiles as gifts and donations.

According to the Ho Chi Minh City Tax Department, in 2017, following the directions of the People’s Committee of Ho Chi Minh city, the Ministry of Finance, and the General Department of Taxation, the unit has focused on further analyzing and evaluating the key points in fields with high risks on tax to make an inspection and investigation plan for anti-loss of revenues with the aim of inspection and investigation for anti-loss of revenues reaching at least 18% of numbers of tax payers subject to tax management, in which focusing on inspecting and investigating production and business fields with high risks on tax and controlling transfer pricing activities for associated enterprises.

At the meeting, representatives of Departments and agencies also discussed many measures to improve the efficiency of anti-loss of revenues in the City.

According to Nguyen Hoang Minh, Deputy Director of Branch of State Bank of Vietnam in Ho Chi Minh City, the fight against tax revenues and pricing transfer is the task of the entire political system and needs close coordination between relevant departments and agencies to reach the result as expected. In particular, to implement the measures to fight against the losses of tax revenues and pricing transfer, the Branch of SBV in Ho Chi Minh City has been improving the proportion of non-cash payment of the Vietnam economy. If in the previous time, the proportion of cash payment of the Vietnam economy was from 19% to 20%, in the current time, this proportion has been declined to 10%. On the other hand, the Branch of State Bank Ho Chi Minh City collaborated with the National anti-money laundering office to review all suspicious transactions with signs of risks on losses of tax revenues; and associated with the Customs and the Taxation to collect the tax arrears and contribute to fight against the losses of tax revenues.

Speaking at the meeting, the Deputy Chairman of Ho Chi Minh City People's Committee, Tran Vinh Tuyen said, the collection of State budget is the task of the political system, in which maximizing the role of district committees/town committees and supervision of departments and agencies to fight against negative acts and limit the losses of tax revenues. At the same time, urgently building a monitoring program of the City Party Control Commission to prevent and quickly handle those violations and fight against transfer pricing.

According to Tran Vinh Tuyen, performing well the anti-loss of tax revenues and anti-transfer pricing, the achieved benefits are not only tax amount but also creating favorable conditions and trust for enterprises.

ho chi minh city drastically fighting against losses of revenues and pricing transfer The new instrument to combat transfer pricing

VCN- The Draft decree regulating transfer pricing administration in controlled transaction to combat transfer pricing and loss ...

To perform well the anti-loss of revenues, the Deputy Minister of Finance Vu Thi Mai stated that the Ho Chi Minh city Tax Department must continue to enhance the centralized inspections and investigations on objects with signs of high risks on tax violations. In addition, the settlement of tax violations must be dissuasive and towards preventing similar cases. Especially, the Ho Chi Minh city Tax Department should deploy many solutions applying IT to carry out reform and modernization more quickly in the future.

By Nguyen Hue/ Huyen Trang

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