Tax evasion, transfer pricing becoming more complicated
Tax evasion, transfer pricing becoming more complicated: Deputy Minister
Tax evasion, tax avoidance and transfer pricing are getting more complicated, particularly through affiliated transactions, due to incomplete and impractical policies, said Deputy Minister of Finance Tran Xuan Ha on July 15.
Hanoi (VNA) – Tax evasion, tax avoidance and transfer pricing are getting morecomplicated, particularly through affiliated transactions, due to incomplete and impracticalpolicies, said Deputy Minister of Finance Tran Xuan Ha on July 15.
He made the remark at the General Department of Taxation’sconference to review the six-monthperformance and map out tasks and solutions for the second half of the year.
State budgetrevenue in the first half of this year represented 51.2 percent of the yearly target and rose by 12.5 percentfrom a year earlier, he said, adding that 50 out of the country’s 63 cities andprovinces have state budget revenue exceed 50 percent of the yearly target.
However, Hapointed out several shortcomings in recent tax administration, particularly theinconsistency between tax regulations, making it difficult for the authoritiesto enforce the regulations.
Alongside taxevasion, tax avoidance and transfer pricing, the country has seen an increase in tax debt despite many efforts by the authorities, the official stated. Bythe end of June, the tax debt rose by 9.3 percent from the same period lastyear to nearly 83.4 trillion VND (3.58 billion USD).
The deputyminister then outlined eight tasks for the tax authorities in the last sixmonths of the year. He urged them to focus more on collecting taxes to ensurestate budget revenue will exceed 5 percent of the estimate while developing apractical state budget collection plan for 2020.
He asked theGeneral Department of Taxation to coordinate with agencies from the Ministry ofFinance to promptly draft decrees guiding the implementation of the Law on Tax Administration andcirculars under the ministry’s competence, adding the tax authorities must continue pursuing the planon tax investigation to prevent state budget losses and transfer pricing.
According toDeputy General Director of the General Department of Taxation Phi Van Tuan, inthe first six months of 2019, tax authorities at all levels have conductedinspections at 35,344 enterprises, accounting for 40.5 percentof the yearly target.
Some 150 firmswith affiliated transactions have been inspected. As a result, the taxauthorities have collected 693.4 billion VND in tax refund and fines.–VNA
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