When Tax Can Be Taxing

May 2003
Asia Monitor: South East Asia Monitor Volume 1;May2003, Vol. 14 Issue 5, p6
Country Report
Country Report
Vietnam's Poverty Reduction and Growth Facility with the IMF assumes that the authorities will improve tax policy and administration gradually, raising revenue by 2.0%-2.5% of GDP by 2007 as of May 2003. Despite tinkering with the tax regime following comprehensive reforms in 1999, however, the complexity and opaqueness of the tax system in Vietnam will continue to cause many problems for businesses. Owing to a lack of transparency in tax regulations, many companies are simply unaware of which taxes they should be paying, and this has led to a number of high-profile tax raids on companies by the authorities.An investigation of transfer pricing is currently under way, initially targeting companies with large variations in declared earnings from year to year, as well as subsidiaries whose parent entities are located in countries with lower corporate taxes than Vietnam. Countries with competing claims to islands in the South China Sea are taking a regional approach, while Vietnam's border disputes with China look closer to resolution. It is predicted that a degree of mistrust is likely to linger between the two countries.


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