Friday, July 19, 2024 9:52:52 AM - Markets open
VN-INDEX 1,278.02 +3.58/+0.28%
HNX-INDEX 242.37 -0.12/-0.05%
UPCOM-INDEX 97.65 +0.04/+0.04%
Temporary exit suspension due to tax debts applied for some people
vietnamnews - 7/10/2024 10:14:15 AM
 (0 ratings. You must sign in to rate.)
Not all individuals who owe taxes will have their departure delayed, the process only applies to a small number, according to the General Department of Taxation.
 
 
Tax officers help people complete their tax obligations. VNA/VNS Photo
 
 Not all individuals who owe taxes will have their departure delayed - it will only apply to a small number of people, according to the General Department of Taxation.
 
According to Deputy General Director of General Department of Taxation Đặng Ngọc Minh, the implementation of exit suspension for individuals and legal entities with tax debts is conducted by the tax authorities through a stringent process in accordance with the law. It's important to note that not all individuals with tax debt will have their departure delayed and this measure only applies to a small number of cases.
 
The exit suspension specifically targets individuals who serve as legal representatives of businesses and organisations subject to tax enforcement. Additionally, Vietnamese citizens leaving the country to settle abroad while still owing taxes, Vietnamese residents abroad who have not fulfilled their tax payment obligations before their departure and foreigners who have outstanding tax payment obligations in Việt Nam, will experience a postponement of their exit.
 
According to the law, temporary exit measures are exclusively applicable to individuals who travel abroad and do not return or those who return to Việt Nam after an extended period. This is due to the risk associated with the inability to recover tax debt and the potential for late payment. It's important to note that the penalties for tax administrative violations, including late payment and fines, are substantial.
 
Individuals who travel abroad for purposes such as tourism, medical treatment, visiting relatives, attending seminars, conferences and more can still depart the country normally, even if they have outstanding tax obligations.
 
Even in cases where tax debt is temporarily postponed, individuals can still leave the country if they provide a guarantee for the payment of taxes, late payment interest, fines and other revenues owed to the State budget.
 
If a taxpayer has a guarantee for their tax debt but fails to make timely payment, the guarantor becomes responsible for paying on their behalf. At the end of the deadline specified in the written approval from the tax administration agency, if the taxpayer has not fully paid their debt to the state budget, the guarantor who fails to fulfil their obligation will be subject to enforcement for the guaranteed amount.
 
The current implementation of temporary exit suspension for individuals and legal entities with tax debt follows the tax authority's procedures, which involve careful review, comparison and accurate determination of each individual's tax payment obligations. The tax agency responsible for managing the taxpayer directly compiles a list of individuals subject to temporary exit suspension and prepares the necessary documentation to be sent to the immigration management agency. Simultaneously, the taxpayer receives the document, providing them with an opportunity to fulfil their tax obligations before leaving the country.
 
Upon receiving the document from the tax authority, the immigration authority is responsible for adhering to regulations and suspending the exit of individuals as instructed. The information regarding the exit suspension is also posted on the website of the immigration authority.
 
If a taxpayer has fulfilled their tax payment obligation, the tax authority must issue a document to cancel the exit suspension within 24 working hours and send it to the immigration authority for the necessary cancellation process, in accordance with the regulations on temporary exit suspension.
 
Minh also mentioned the importance of taxpayers proactively notifying the tax authority when changing addresses. It is advisable to regularly check tax debt and access the tax administration's website to ensure the completion of tax obligations before leaving the country.
 
Furthermore, the General Department of Taxation has developed the eTax Mobile application, similar to the eBanking applications used by commercial banks. This application is designed to assist taxpayers in understanding information related to tax settlement, tax debt and other relevant details concerning individual taxation.
 
ETax Mobile is a user-friendly electronic tax application designed for smartphones, enabling individuals, sole proprietors, and business households to conveniently access tax information anytime and anywhere using their mobile devices.
 
Using eTax Mobile is simple, as taxpayers can easily make tax payments, check their tax obligations, view tax notices and benefit from various other utilities and support services.
 
Currently, approximately one million individuals have downloaded and used eTax Mobile. This application serves as the primary channel through which the tax authority communicates all tax-related information and individual tax obligations to users.
 
All individual tax information is strictly confidential. Only when users access the application by providing their login credentials (username and password) or using secure biometric authentication methods such as fingerprint or FaceID, can they gain access to their personal tax information.
 
Therefore, to ensure their rights, fulfil their obligations and effectively manage their tax responsibilities towards the State budget, the tax industry strongly recommends that all citizens, particularly those engaged in production, business and other activities, who have taxable income, download and install this software on their mobile devices. — VNS
 
Read original article here
Newer News
18/07 Petrol distributors not allowed to buy from each other: Draft
18/07 MoF considers withdrawing 50 per cent car registration fee reduction proposal
17/07 H1 State budget revenue increases over 17%: MoF
17/07 HCM City Tax Department refunds VNĐ4.7 trillion of VAT
16/07 Mobile Money users in Vietnam rise rapidly
16/07 Cheap money period in Vietnam forecast to come to an end
16/07 Taxing gold buyers is a tax-on-tax, say experts
15/07 Compulsory e-signature might be a cost burden: banking association
15/07 PM asks SOEs to consider hiring foreign CEOs to improve efficiency
15/07 Vietnamese cashback app aims for 10 million users by 2025
Older News
08/07 Ministry of Finance to release final draft circular on stock market upgrades
05/07 Credit growth soars in June
05/07 MOF proposes exemption on corporate taxes on income from green bond interest and carbon credits
04/07 Inflation target is achievable, wage increase expected not to have significant impact on prices
04/07 Ha Noi collects over $390m in taxes from e-commerce
03/07 New law tightens cross-ownership in credit institutions
02/07 Delays loom for trillions of đồng in bond payments in June
02/07 New policy on reducing credit limits to have impacts on big banks, groups
01/07 8% VAT rate extended to the end of this year
01/07 Central bank works to raise interbank rates and ease forex market
 
Newsletter Signup
Top Stories
VCCI recommends mineral mining rights be granted through auction and bidding
Central bank works to raise interbank rates and ease forex market
Inflation a concern following salary increases
National Council for Sustainable Development established
Việt Nam, Cambodia look forward to $20 billion trade
Market Update
Last updated at 9:44:59 AM
VN-INDEX 1,278.02 +3.58/+0.28%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.