Enterprises with untarnished tax records will enjoy grace periods in paying tax
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Enterprises with untarnished tax records will enjoy grace periods in paying tax.
The Ministry of Finance (MOF) is drafting a decree guiding implementation of the newly ratified Import-Export Tax Law. According to compilers, the decree should ensure fairness for enterprises in all sectors, and create favourable conditions for operation.
The draft decree noted that enterprises that have never violated tax policies would be able to enjoy grace periods in import-export tax payment. They must show import-export activities for a one-year period after customs declaration and financial reports certified by the relevant authorities. They must also prove that they have no unpaid tax and have never commit tax fraud. Grace periods in tax payment will also be given to enterprises guaranteed by credit organisations.
Regarding tax refunds, the draft decree presents new provisions towards strengthening democracy: enterprises slow in paying tax, and tax authorities slow in refunding tax will be fined. Enterprises will have to pay an additional 0.1% of total tax volume, while tax authorities will have to reimburse the interest sum enterprises pay for bank loans to pay tax.
Regarding public concerns about investment incentives, Nguyen Van Phung, Deputy Director General of the Tax Policy Department under MOF, said that MOF is consulting with relevant agencies to establish a list of sectors and localities subject to tax incentives. The decree will cover the highest levels of investment incentives to ensure that enterprises can still enjoy preferences equal to those they have been enjoying until now.
In related news, Phung noted that MOF is planning to adjust some provisions of decree 60 dated 2002, on defining taxable prices of import products in accordance with GATT rules (General Agreement on Tariffs and Trade). Under the new decree, taxable prices will be defined in accordance with GATT rules and applied to all imported products. Currently, it is applied only to products imported from countries that have signed GATT agreements with
(Source: VietNamNet)
