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Businesses need to adapt to changing tax policy

The Saigon Times

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HCMC – Businesses need to stay updated on changes in international and domestic tax and customs policies to protect themselves from possible negative impacts, according to discussions at a tax policy meeting held in Hanoi.

The Tax Symposium 2023, with the theme “Anticipating the future for change,” was jointly organized in Hanoi on November 9 by EY Consulting Vietnam JSC and the Vietnam Chief Financial Officer Club (CFO Vietnam).

The event serves as an annual platform for businesses to stay informed about the latest trends and developments in the domestic and international tax policy landscape. It also provides an in-depth analysis of the opportunities and potential impacts of these policies on businesses.

During the Tax Symposium 2023, EY Consulting Vietnam professionals presented updates on various critical aspects, including international and Vietnamese tax regulations, invoicing, the carbon border adjustment mechanism, customs, and international trade.

The event also offered businesses the opportunity to engage in direct dialogues with tax policy makers in Vietnam and EY Consulting professionals regarding the latest changes in tax policies.

Speaking at the event, Nguyen Ngoc Bach, president of CFO Vietnam, said, “The recent developments in the global economy, especially tax policies, are exerting multifaceted impacts on our local economy. This requires policymakers and businesses to urgently keep up with these changes.”

Huong Vu, general director of EY Consulting, said: “CFOs need to be proactive in staying informed and updated on changes in international and domestic tax and customs policies.”

As innovative and diverse business models continue to emerge globally, organizations like the Organization for Economic Co-operation and Development (OECD) and finance ministers from various countries are urging nations to develop action plans and new tax policies to prevent tax revenue loss.

Vietnam is also following global trends and is compelled to create new, effective policies, including tax policies, to align with these changes. Many policies regarding tax, customs, and transfer pricing and domestic tax laws also have amendments proposed and submitted to the National Assembly for consideration and approval in its 8th and 9th sittings.

These changes pose numerous difficulties and challenges for businesses, as they introduce new compliance requirements and potential additional tax costs.

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