The British Association of Chartered Certified Accountants (ACCA), in collaboration with the Vietnam Taxation Consulting Association, on November 1 convened a workshop titled “Taxing Our way out of Global Recession” in order to give the business sector a landscape and strategic vision of taxation in the current context of crisis and provide the preconditions to help businesses encounter any potential crises in the future.
The workshop is also part of an information update plan and taxation forum for ACCA members, those who are holding key positions in major corporations and groups, and members of the Taxation Consulting Association nationwide. Two prestigious and highly experienced tax consultants, Ms. Nguyen Thi Cuc, former head of the General Tax Administration, Chairwoman of the Vietnam Taxation Consulting Association and Mr. Chas Roy Chowdhury, head of Taxation Department, UK ACCA, addressed the workshop.
The “Taxing Our way out of Global Recession” workshop hinges around post global depression issues of the taxation system as well as exchanges and lessons learnt from the UK’s Tax policy committee. Also, the workshop discusses in details topics relating to new provisions on value added tax rebate for export goods and extension of tax payment deadline for specific services. Particular attention is given, with regards to corporate income tax, a major concern among the business community, to Circular 39/2010/TT-BTC dated March 22, 2010, which specifies the amount of corporate income tax allowed for delayed payment and deadline extension. Important issues associated with tax filing for 2009, profit or loss consolidation and loss carry-over are also discussed meticulously to ensure compliance.
In light of recent massive support by the Government to help companies emerge from the crisis, Ms. Nguyen Thi Cuc suggested: “First, the corporate sector must capitalize to the full the tax incentives that the Government provides. In addition, companies should effectively tap their internal strengths and improve competitiveness to safeguard and expand market share, overcome challenges and broaden business, using comprehensive actions, including upgrade of managerial capacity, application of technologies and know-how to efficiently cater to the needs of Vietnamese consumers and increase exports.”
In respect of personal income tax, the workshop participants voice concerns about determining and registering personal income tax in line with Official Notice 3473/TCT-TNCN dated September 8, 2010 of the General Taxation Administration. A noteworthy topic is changes in the invoice and voucher system under the Government’s Decree 51/2010/NĐ-CP dated May 14, 2010, concerning goods and services invoicing and Circular 153/2010/TT-BTC, dated September 27, 2010 of the Ministry of Finance, introducing provisions on custom invoices and invoices made to order.
Concerning tax policies, Mr. Chas Roy Chowdhury, head of UK’s ACCA Taxation Department said: “Tax policies in developing countries like Vietnam would better be simple. Particularly with regards to corporate income tax, special tax fines cut and simplification of the system are recommended.”
“Companies need to be fully aware that in times of crisis, “cash is king” and they need to pursue debts effectively to make sure that customers pay their debts on time as debt payment plan should also be closely controlled”, added Mr. Chas Roy Chowdhury in sharing experience on how to encounter crises with the companies.
The workshop draws nearly 400 participants in both Hanoi and Ho Chi Minh City and creates a vigorous forum for industry experts and practitioners, where a large number of tax-related questions are answered in preparation for tax filing in the last month of the year and adoption of tax adjustments in line with the new provisions.
“With objective is to support more than 140,000 ACCA members who are working at high position in many areas around the world, ACCA always interested and prioritize in bringing practical benefits to our members . At ACCA, we have an in-depth research on auditing, accounting, corporate finance, the Small and Medium Enterprises, and of course an indispensable part of the tax. We expect that such seminars will help people working in accounting and auditing have a more comprehensive view about the change of tax policies in other countries as well as Vietnam in the context of post global economic recession" - said Le Thi Hong Len, Vietnam Representative ACCA.
T.N
Vietnamese
