Risk prevention solutions for processing and export manufacturing businesses

Risk prevention solutions for processing and export manufacturing businesses

VCN - Identifying common errors to comply with regulations, prevent risks, and limit errors arising in preparing final settlement reports is an issue of concern to many export processing and manufacturing enterprises.
Reporting to the National Assembly for considering VAT reduction in the second half of 2024

Reporting to the National Assembly for considering VAT reduction in the second half of 2024

The Government assigned the Ministry of Finance to summarize and evaluate the results of reducing VAT rates to report to National Assembly for consideration and allowing to implementing in the second half of 2024.
The Prime Minister requested that before April 25, complete the revision of regulations on import and export of medicinal materials

The Prime Minister requested that before April 25, complete the revision of regulations on import and export of medicinal materials

VCN - The Ministry of Health, according to its assigned functions, tasks and authority, presides and coordinates with the Ministry of Finance and relevant agencies to urgently review, research, amend and complete the Ministry's regulations on import and e
No need to reduce the output of manufacturing and assembling automobile to enjoy preferential tariff

No need to reduce the output of manufacturing and assembling automobile to enjoy preferential tariff

The Ministry of Finance has responded to the suggestions of VAMA regarding the adjustment of reducing automobile volume to apply a tax rate of 0% for imported components and spare parts used for manufacturing automobile
Hundreds of tons of cinnamon essential oil are left in inventory due to export regulations

Hundreds of tons of cinnamon essential oil are left in inventory due to export regulations

VCN - Enterprises exporting cinnamon essential oil are facing difficulties due to regulations on pharmaceutical trading of the Ministry of Health, leading to hundreds of tons of essential oil being left in stock in raw material areas.
Business suspension of temporary import and re-export of Monazite ores and ore concentrates will be valid on May 13th

Business suspension of temporary import and re-export of Monazite ores and ore concentrates will be valid on May 13th

The Ministry of Trade and Industry issued Circular 05/2024/TT-BCT regulating the temporary suspension of temporary import and re-export of Monazite ores and ore concentrates business.
Improving the customs legal system to be modern, synchronous, unified and transparent

Improving the customs legal system to be modern, synchronous, unified and transparent

This is one of the contents related to the Customs field recently reported to the National Assembly by the Ministry of Finance.
New points about rules of origin in AKFTA

New points about rules of origin in AKFTA

The Ministry of Trade and Industry promulgated Circular 04/2024/TT-BCT amending and supplementing some articles of Circular 20/2014/TT-BCT dated June 25, 2014 regarding rules of origin in AKFTA
It is necessary to build a national database on cross-border trade and transport

It is necessary to build a national database on cross-border trade and transport

Build a national database on cross-border trade and transport to store and share information to facilitate cross-border trade and transport as well as improve the efficiency and effectiveness of state management.
Removing difficulties in tax exemption and refund policies for export processing enterprises

Removing difficulties in tax exemption and refund policies for export processing enterprises

VCN - The Customs agency has received many proposals from businesses about answering and guiding policies on tax exemption, import tax and VAT refund for export processing enterprises. The General Department of Customs has responded and provided instructi
Reviewing the list of scrap that is temporarily suspended from temporary import and re-export business

Reviewing the list of scrap that is temporarily suspended from temporary import and re-export business

VCN - Scrap is a sensitive item with many potential risks of environmental pollution, directly affecting human health and the ecosystem. Therefore, strict management measures are needed to avoid the risk that Vietnam become a scrap gathering country in th
New law expected to boost financial leasing

New law expected to boost financial leasing

The law, which will take effect from July 1 this year, allows financial leasing companies to establish subsidiaries to handle and exploit bad debt assets. It also states that small financial leasing deals with value under VNĐ100 million do not need to control the purpose of capital use.
5% VAT on fertilisers to create fairer market: domestic producers

5% VAT on fertilisers to create fairer market: domestic producers

The absence of VAT on fertilisers has prevented domestic producers from declaring and deducting input VAT, which leads to higher cost of domestically produced fertilisers, by an estimated 5-8 per cent, and makes them vulnerable in competition from imported fertilisers.
Why not reduce export tax on fertilizer products to 0%?

Why not reduce export tax on fertilizer products to 0%?

VCN - Carry out assigned tasks in Resolution No. 58/NQ-CP dated April 21, 2023, to promptly meet practical requirements, remove difficulties for production and business, and contribute to promoting the innovation of administrative procedures and preventin
Ho Chi Minh City Customs proposed to reduce VAT

Ho Chi Minh City Customs proposed to reduce VAT

VCN - Assessing the implementation of the policy of reducing the VAT rate by 2%, Ho Chi Minh City Customs Department said that in 2023, the amount of VAT reduced (corresponding to 2%) was implemented at the branches of the Ho Chi Minh City Customs Departm
Limiting the "power" of major shareholders under the Law on Credit Institutions (amended)

Limiting the "power" of major shareholders under the Law on Credit Institutions (amended)

VCN - Accordingly, regarding the ownership rate of credit institutions, the Law on Credit Institutions (amended) has stipulated a reduction in the maximum ownership rate at a credit institution from 15% to 10% of charter capital for an institutional share
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Amend the Law on Corporate Income Tax to ensure stable revenue sources for the budget

Amend the Law on Corporate Income Tax to ensure stable revenue sources for the budget

The amendment of the Law on Corporate Income Tax (CIT) aims to overcome inadequacies and overlaps, ensure stable revenue sources for the state budget, and contribute to restructuring state budget revenues
List of imported and exported medicine and medicinal ingredients identified commodity codes

List of imported and exported medicine and medicinal ingredients identified commodity codes

VCN - When Circular 09 takes effect from July 26, 2024, a series of circulars will be invalid.
Hundreds of tons of imported raw cashew nuts stuck in quarantine

Hundreds of tons of imported raw cashew nuts stuck in quarantine

VCN – A company is facing problems with plant quarantine regulations when carrying out procedures to import over 384 tons of "raw cashew nuts, originating from Tanzania" from a bonded warehouse in Dong Nai.
Extend deadline for paying Special Consumption Tax on domestically produced and assembled cars

Extend deadline for paying Special Consumption Tax on domestically produced and assembled cars

VCN - The Decree stipulates that the payment deadline for the Special Consumption Tax for the Tax terms of May, June, July, August and September in 2024 for domestically produced and assembled cars.
Extend the deadline for paying taxes and land rent in 2024

Extend the deadline for paying taxes and land rent in 2024

VCN - For corporate income tax, extend the tax payment deadline for the temporarily paid corporate income tax amount of the second quarter of the 2024 corporate income tax period of enterprises and organizations subject to the extension.
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