Tighten compliance with legal regulations on price appraisal

VCN - The valuation work from the beginning of the year until now has been continuously reviewed by the Ministry of Finance and given directions and reminders on proper compliance with legal regulations in this field.
Tighten compliance with legal regulations on price appraisal

Some violations

Right from the first months of the year, the Price Management Department (Ministry of Finance) issued a document reminding price appraisal businesses and appraisers to comply with legal regulations on price appraisal. According to the assessment of the Price Management Department, basically, businesses and appraisers have complied with the regulations on management of valuation activities and valuation standards but there are still some violations.

For example, the Ministry of Finance was not notified about changing the list of appraisers; failure to properly implement the valuation process; do not buy professional liability insurance, do not set up a professional risk reserve fund, issue a valuation certificate or a valuation report that does not have enough basic information according to the instructions in the valuation standards. Vietnam…

The Price Management Department said it has coordinated with relevant units to review the compliance with the law on price appraisal and management of business activities of price appraisal services and practice activities of price appraisal by appraisers.

According to the 6-month report of the Price Management Department, the Department has suspended 12 price appraisal businesses and revoked 17 certificates of eligibility to conduct business in price appraisal services. From July until now, the Ministry of Finance has also issued 3 decisions to revoke the certificates of eligibility for business valuation services for 3 businesses and issued many notices to adjust the content of practice registration, ending the valuation practice of appraisers at some businesses...

Need to be serious and proactive in practice

In the middle of this year, the Price Law 2023 was passed and will take effect from July 1, 2024, including a chapter regulating price appraisal activities. This is expected to help valuation activities have a full legal basis to operate as well as carry out state management.

To implement the Law promptly, synchronously and consistently, the Ministry of Finance has requested price appraisers, price appraisal businesses and organizations and individuals related to appraisal service business activities. Proactively research comprehensively the regulations in the 2023 Price Law.

In the last months of 2023, the Price Management Department said it will review documents for issuance and re-issuance of certificates of eligibility to conduct business in price appraisal services for price appraisal businesses; review and notify the list of price appraisers eligible to register to practice asset valuation in 2023. The unit will also carry out inspections on compliance with the law on valuation for businesses and surprise inspection as required.

Speaking more about this issue, Mr. Nguyen Tien Thoa, Chairman of the Vietnam Valuation Association (VVA), said that the Association is determined to continue building the Association to become an "extended arm" of the Ministry of Finance in managing operations of price appraisal. Therefore, the Association will work with state agencies to continue building and perfecting the legal environment for price appraisal; organize links, unite members, protect members' interests and support the professional activities of valuation businesses and price appraisers...

According to opinions from experts, to comply with the law, valuation businesses need to seriously control the quality of internal valuation of the business; regularly organize assessments of the quality of the enterprise's valuation activities, promptly detect and correct errors in the valuation process, and proactively regularly update legal documents and professional knowledge about valuation.

By Minh Chi/Bui Diep

Related News

Businesses reduce costs by complying with customs laws

Businesses reduce costs by complying with customs laws

VCN - Customs authorities assess enterprises with good compliance levels, thereby reducing the implementation work of Customs authorities and devoting more resources to manage enterprises that are assessed as having poor compliance or not complying with the law.
Enterprises should proactively comply with customs laws

Enterprises should proactively comply with customs laws

VCN - At the online talk show with the topic "Enterprises voluntarily comply with customs laws: Perspectives from both sides", Mr. Duong Quoc Phi, Head of Import-Export Division of Vietnam Precision Industrial No. 1 Co., Ltd, said that to comply with customs laws, enterprises themselves must be proactive in complying with the law, which will bring benefits to them.
Ha Nam Customs actively fights fraud through customs declaration

Ha Nam Customs actively fights fraud through customs declaration

VCN - To help businesses comply with the law, Ha Nam Customs Branch (Ha Nam Ninh Customs Department) is strengthening inspection and supervision measures to prevent trade fraud and abuse of online declarations to commit acts of violations.
It is necessary to develop separate software for Program of Enterprises complying with Customs Law

It is necessary to develop separate software for Program of Enterprises complying with Customs Law

VCN - With over 50,000 businesses completing import and export procedures through Ho Chi Minh City ports, Ho Chi Minh City Customs Department has implemented many solutions to encourage businesses to participate in the Pilot Program to support and encourage businesses to voluntarily comply with customs laws. Deputy Director of Ho Chi Minh City Customs Department Do Thanh Quang shared about these solutions.

Latest News

Hanoi Customs resolves tax policy queries for enterprises

Hanoi Customs resolves tax policy queries for enterprises

VCN - Queries regarding customs consultation procedures and tax refunds due to price reduction clauses were addressed by the Hanoi Customs Department, providing clarity for businesses.
Regularly check tax obligations to avoid temporary exit suspension

Regularly check tax obligations to avoid temporary exit suspension

VCN - In order to avoid the situation of arriving at the airport or border gate and only finding out that you owe taxes and being temporarily suspended from leaving the country by the Tax Authority, the Tax Authority recommends that taxpayers regularly look up their tax obligations to have a plan to pay taxes on time, not letting the tax debt situation drag on and drag on.
Implementing the SAFE framework in Vietnam: Assessment through the lens of international standards

Implementing the SAFE framework in Vietnam: Assessment through the lens of international standards

VCN - In June 2005, the World Customs Organization (WCO) developed and adopted the SAFE Framework of Standards to Secure and Facilitate Global Trade. The SAFE Framework plays a crucial role in encouraging countries to modernize, enhance security, and facilitate trade within global supply chain management and Authorized Economic Operator (AEO) programs. This approach introduces a comprehensive method for cross-border goods management and promotes closer cooperation between Customs, businesses, and stakeholders. The Customs News presents a two-part series on implementing the SAFE Framework in Vietnam.
Proposing the Tax Authority be flexible in applying tax debt enforcement measures simultaneously

Proposing the Tax Authority be flexible in applying tax debt enforcement measures simultaneously

VCN - In the draft revised Law on Tax Administration, the Ministry of Finance proposed amending regulations on measures to enforce administrative decisions on tax administration to remove obstacles in policy mechanism and improve the effectiveness of tax administration.

More News

Many shortcomings in process and manual book on handling administrative violations

Many shortcomings in process and manual book on handling administrative violations

VCN - Legal policies on handling administrative violations have effectively supported the technical work of the Customs sector. However, some legal bases and regulations have been amended, replaced, and supplemented, which have limited the efficiency of handling administrative violations of the customs sector.
Implementing the SAFE Framework in Vietnam: Lessons from practice

Implementing the SAFE Framework in Vietnam: Lessons from practice

VCN - The Framework of Standards to Secure and Facilitate Global Trade (SAFE Framework) is a strategic international instrument introduced by the World Customs Organization (WCO) to enhance security and trade facilitation in global supply chains. It contributes significantly to the economic development of the 21st century.
Implementing the SAFE Framework in Vietnam: Solutions and Recommendations

Implementing the SAFE Framework in Vietnam: Solutions and Recommendations

VCN - Recognizing the significance, impact, and benefits of the SAFE Framework in customs modernization and reform, Vietnam Customs is advancing the implementation of SAFE. This involves both capacity building and phased deployment aligned with Vietnam Customs’ development strategy and practical needs.
Abolishing regulations on tax exemption for small-value imported goods must comply with international practices

Abolishing regulations on tax exemption for small-value imported goods must comply with international practices

VCN - The Ministry of Finance said that the abolition of regulations on tax exemption for imported goods valued at less than VND1 million must comply with international practices in the context of the growing trend of cross-border e-commerce activities.
Policy adaptation and acceleration of digital transformation in tax and customs management

Policy adaptation and acceleration of digital transformation in tax and customs management

VCN - In order to contribute to economic growth, tax, customs and logistics management policies need to ensure high adaptability, stability and predictability so that they require little amendment or supplementation.
Implement regulations on special preferential import tariffs under VIFTA

Implement regulations on special preferential import tariffs under VIFTA

VCN - The General Department of Vietnam Customs (GDVC) requests provincial and municipal customs departments to implement Vietnam's special preferential import tariffs under the Free Trade Agreement between the Government of the Socialist Republic of Vietnam and the Government of the State of Israel for the period 2024-2027 (referred to as the VIFTA) from October 15, 2024.
Perfecting tax policy for goods traded via e-commerce

Perfecting tax policy for goods traded via e-commerce

VCN - In order to ensure the goal of developing e-commerce activities without causing loss of state budget revenue, the Customs authority is actively coordinating with policy advisory units of the Ministry of Finance to research and review regulations on tax exemption for import and export goods transacted via e-commerce.
Are belongings of foreigners on business trip to Vietnam exempt from tax?

Are belongings of foreigners on business trip to Vietnam exempt from tax?

VCN - That is the question of Nhat Viet Relocation Company Limited, which has just been answered by the Customs Department and given specific instructions on providing a confirmation of residence of foreigners on business trip to Vietnam to follow tax exemption procedures for movable assets.
Amending regulations on enforcement measures in tax administration

Amending regulations on enforcement measures in tax administration

VCN - In draft of 1 law amending 7 laws in the financial sector, the Ministry of Finance proposed to amend the regulations on enforcement measures in tax administration in the Law on Tax Administration.
Read More

Your care

Latest Most read
Hanoi Customs resolves tax policy queries for enterprises

Hanoi Customs resolves tax policy queries for enterprises

Queries regarding customs consultation procedures and tax refunds due to price reduction clauses were addressed by the Hanoi Customs Department, providing clarity for businesses.
Regularly check tax obligations to avoid temporary exit suspension

Regularly check tax obligations to avoid temporary exit suspension

Tax Authority recommends that taxpayers regularly look up their tax obligations to have a plan to pay taxes on time, not letting the tax debt situation drag on and drag on.
Implementing the SAFE framework in Vietnam: Assessment through the lens of international standards

Implementing the SAFE framework in Vietnam: Assessment through the lens of international standards

The SAFE Framework plays a crucial role in encouraging countries to modernize, enhance security, and facilitate trade within global supply chain management and Authorized Economic Operator (AEO) programs
Proposing the Tax Authority be flexible in applying tax debt enforcement measures simultaneously

Proposing the Tax Authority be flexible in applying tax debt enforcement measures simultaneously

VCN - In the draft revised Law on Tax Administration, the Ministry of Finance proposed amending regulations on measures to enforce administrative decisions on tax administration to remove obstacles in policy mechanism and improve the effectiveness of tax
Many shortcomings in process and manual book on handling administrative violations

Many shortcomings in process and manual book on handling administrative violations

VCN - Legal policies on handling administrative violations have effectively supported the technical work of the Customs sector. However, some legal bases and regulations have been amended, replaced, and supplemented, which have limited the efficiency of h
Mobile Version