Ha Noi collects import-export tax arrears

Dec 20th at 14:39
20-12-2014 14:39:51+07:00

Ha Noi collects import-export tax arrears

Hanoi Customs Department has collected VND442.47 billion (over US$21 million) in import-export tax arrears, gaining 81.11 per cent of its target at mid-December.

Tran Dai Thang, head of the department's import-export duty division, said the collection of the tax arrears had faced numerous difficulties despite their efforts to expedite the collection process and complete procedures for tax enforcement.

Implementing deductions from the money in the enterprises' bank accounts proved to be an ineffective method of tax enforcement. The problems arise when the department attempts to verify the account balance of these businesses at commercial banks. They discover that most of the firms in debt have no account in the banks or have insufficient money in the account to cover their debts.

In one case, the enterprise had sufficient money in the bank when the department conducted its initial verification. However, the money disappeared after the bank was ordered to extract it from the account.

Customs enforcement was ineffective as well. One of the reasons for the failure is that most of the enterprises in debt had not performed any customs procedures. In some cases, customs officers visited the head offices registered by the enterprises only to discover that these offices did not exist at these locations. Therefore, the tax agency found it difficult to confirm with the department the enterprise's activities due to the challenges faced in obtaining the new addresses of the said businesses.

bizhub



NEWS SAME CATEGORY

Survey charts overseas remittances

Most overseas remittances to Viet Nam have been used for meeting daily expenses and for purchasing gold, according to the Central Institute for Economic Management...

SBV orders tighter measures for bad debt management

 The State Bank of Viet Nam (SBV) this week required its branches nationwide to adopt stricter, more comprehensive measures to accelerate progress in restructuring...

Will lending in foreign currencies be stopped sooner than expected?

Businesses are “reading between the lines” and assuming that they will not be able to borrow money in foreign currencies from early 2015.

MoF recommends fee, levy changes

The Ministry of Finance (MoF) proposed to omit or adjust 22 fees and four levies in the draft of the Law of Fees and Levies.

Vietnamese teenagers can now open bank accounts

Individuals aged between 15 and 18, who own separate assets, will be allowed to independently open and operate bank accounts without seeking approval from their...

SBV to persist with exchange rate policy

The State Bank of Viet Nam (SBV) is expected to continue its current exchange rate stabilisation policy next year following the hefty benefits it derived from the...

Moody’s raises Vietnam credit rating

Moody’s Investors Service has raised its outlook on Vietnam’s banking system to stable from a negative assessment, noting improvements in economic stability and...

Remittance ‘grey market’ thrives towards year-end

Remittances are pouring into Vietnam towards the year’s end, but most of this money is bypassing the official banking sector.

BIDV provides $35 million to VSIP Quang Ngai

The Bank for Investment and Development of Vietnam (BIDV) has allocated $35 million to building technical infrastructure at VSIP Quang Ngai, according to a contract...

Nova Group to invest over $50m in baby formula production

Nova Group and Ireland-based Kerry Group, a global supplier of infant formula ingredients, have signed an agreement to develop high-quality affordable milk formula...

Bank stocks

Insurance stocks


MOST READ


Back To Top