Seminar spotlights VAT, corporate income tax reform

An general convention on countries? trends of value-added taxation (VAT)
and corporate income taxation remodel and their impacts, was hold in Hanoi on
August 8.

The seminar, jointly organized by the
Finance Ministry and a European Union delegation, aims to digest an
effective, equal and synchronous taxation process complement to compare the
socialist oriented marketplace mercantile establishment and safeguard a transparent
and simplified taxation policy, on standard with general regulations.

At a seminar, Deputy Head of a Finance Ministry?s Tax Policy
Department Nguyen Van Phung, put onward existent problems in VAT and
corporate income taxation policies of Vietnam .

Vietnam?s taxation remodel plan for a 2011-2020 duration is designed to
stimulate prolongation and a competitiveness of domestic products and
services, inspire exports, urge investment in formidable areas and
promote mercantile restructuring, he said.

Meanwhile,
international taxation consultant of a EU commission Ved P. Gandhi suggested
Vietnam revoke corporate income taxation to 22 percent from 25 percent,
remove a 5-percent turn in VAT and extent a range of products and
services free from VAT.

Resident deputy of
the International Monetary Fund (IMF) in Vietnam Sanjay Kalra,
recommended Vietnam put onward a turnover turn theme to VAT in
accordance with a general regulations and revoke a series of
goods and services theme to a 5 percent taxation level.

Chairman of a Tax Committee of a European Chamber of Commerce
(Eurocham) Tom McCleliand pronounced Eurocham supports Vietnam?s further
reduction of corporate income tax, as it is deliberate an important
index for attracting unfamiliar investment capital.-VNA

Source: http://www.vietnamnews.us/business/seminar-spotlights-vat-corporate-income-tax-reform/

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