Bring tax policies into everyday life

In recent times, a number of new tax policies have been issued to improve the tax administration system while supporting taxpayers in maintaining production and business activities and helping the economy recover during challenging periods.

Many consumer goods have recently benefited from significant reductions in value-added tax. Photo: Ngoc Lien

Tax regulations and policies related to the Law on Value-Added Tax, personal income tax, corporate income tax, taxation of household businesses and individuals on e-commerce platforms, along with tax reduction and deferral measures, are frequently issued and updated. This challenge has made it difficult for many enterprises to understand, access, and accurately apply the rules, requiring both individuals and enterprises to proactively stay informed and up to date with the latest tax policies.

Proactively updating tax policies

At present, tax registration and declaration are largely based on the self-awareness and initiative of businesses. Tax authorities manage based on these declarations and conduct inspections and audits afterward. If any inaccuracies in tax registration or declaration are detected, violators will be dealt with in accordance with regulations.

As a result, timely updates on tax policies have become a critical concern for businesses and household traders, especially as tax authorities step up policy enforcement to ensure full and accurate collection for the state budget and strictly handle any violations.

Vu Thi Hanh, Chief Accountant of Sundat Crop Science Co., Ltd., a Singaporean enterprise operating in Amata Industrial Park, Long Binh ward, Dong Nai province, shared that: Recently, many new tax policies have been issued. To stay updated, corporate accountants have to both work and study the regulations, while also exchanging experiences with colleagues, especially through community groups established by the tax sector and the Dong Nai Accounting Association on the Zalo app, or via the tax authority’s hotline. Thanks to these “tools”, she has received support whenever difficulties arise, which helps her better understand the regulations, assess products correctly, and choose appropriate registration and declaration options to fulfill tax obligations effectively and in compliance with the law.

This method is also the approach taken by Nguyen Thi Trang Nhung, a member of the Dong Nai Accounting Association and an accountant at a mechanical manufacturing company. According to her observations, many companies in this sector have recently encountered difficulties with tax registration and declaration, particularly in identifying products.

Mechanical products are not standardized but are made to order based on client specifications, making it difficult to determine the appropriate product codes and whether they qualify for tax reductions. If the wrong product code is used, the registration may be rejected, or if discovered during an inspection, the enterprise may face penalties.

Therefore, timely updates on tax policies are essential for businesses to ensure accurate registration and compliance with regulations.

Ensuring fulfillment of tax obligations

Dong Nai currently has more than 68,000 enterprises and nearly 124,000 household businesses registered with the tax authorities, including over 2,200 foreign direct investment (FDI) enterprises.

In the context of numerous new tax policies being introduced, businesses, especially accounting departments, need to study the details carefully, since each support measure has its own time limit and specific regulations. These policies help taxpayers overcome difficulties, maintain and expand business activities, stabilize enterprises, and ensure sustainable revenue sources for the State.

Recognizing the challenges and needs of businesses in updating and implementing tax policies, the Dong Nai Accounting Association has regularly organized training sessions on tax regulations, attracting strong participation from enterprises.

Sharing about these training activities, Ho Sy Lien, Chairman of the Dong Nai Accounting Association, said that: Recently, frequent changes in tax policies have caused significant difficulties for businesses in keeping up. The pace of change is fast, and the volume of information is large, requiring accountants to constantly update and exchange knowledge to address problems, particularly those related to VAT, which has a major impact on enterprises. To make it easier for businesses to access, the Association has summarized and introduced policies in a concise, clear, and comprehensive way. During implementation, any difficulties are discussed to find the most effective solutions, ensuring both compliance and protection of business interests. Unresolved issues are compiled and formally submitted in writing to the relevant authorities in accordance with regulations.

 “We hope businesses will support one another in applying tax policies. In the coming time, the Association will organize advanced training programs on tax policy updates, with the participation of experts and senior managers, for enterprises both inside and outside the province,” Ho Sy Lien added.

By: Ngoc Lien

Translated by: Thu Hien - Minho