The draft Law on Tax Administration (amended) adds a lot of new regulations to meet tax reform requirements to further help taxpayers. Mr Cao Anh Tuan, Deputy General Director of the General Department of Taxation, said, the draft law increases rights and facilitations for taxpayers. Specifically, taxpayers will know the time limit for tax refund, the value of unrefunded tax and legal reasons for unrefunded tax.
“The lack of transparency hardly creates confidence while credit is built on trust. Insufficient trust plus the lack of collaterals and an unfeasible business projects causes credit institutions to say 'No' to small and medium-sized enterprises (SMEs),” said Dr Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI), at the Forum on Solutions to Boost Fund Sources for SMEs recently held by the Business Forum Newspaper in Hanoi.
Manufacturing and construction are likely to remain the fastest-growing sectors. The forecast is highlighted in the bank’s recently published Global Focus report for the third quarter of 2018 entitled “Fattening tail risks”.
Việt Nam’s insurance industry achieved high year-on-year growth of 24.35 per cent in the first half of 2018, helping total revenue to reach more than VNĐ58.65 trillion (US$2.55 billion).
Most of the local banks have further tightened credit for the real estate sector by raising the annual interest rates for home loans by one to two percentage points compared with earlier this year, leading the sector to slow down, reported Sai Gon Giai Phong newspaper.
A majority of credit institutions in the country expect an upward trend in their business in the remaining months of the year, after making improvements in the first half of 2018, according to a survey released last week by the State Bank of Vietnam.
The tax revenue from import-export activities of HCMC in the first half of the year dipped by 4.8% year-on-year to VND50.02 trillion (US$2.2 billion), which is partially attributed to the severe traffic congestion at seaports that causes cargo throughput to fall.
By carrying out consistent technology solutions, the tax sector is actively approaching the Fourth Industrial Revolution to accelerate administrative reform and enhance national competitiveness.