The events, which are chaired by Bounpaseuth Sikhounlabout, Director General of the Tax Department under the Ministry of Finance of Laos, saw the presence of representatives from ASEAN member countries, the ASEAN Secretariat, the Organisation for Economic Cooperation and Development (OECD), the Asian Development Bank (ADB), and the World Health Organisation (WHO).

An overview of the 19th Meeting of the Working Group on the ASEAN Forum on Taxation in Luang Prabang province of Laos.

Delegates have discussed various topics, including the progress of summits related to the ASEAN Economic Community in the post-2025 period, the ASEAN Economic Community Strategy for 2026-2030, and related issues.

They also examined the implementation of tax policy mechanisms, the impact of foreign direct investment (FDI), and the role of each country's tax sector in fostering competition following the adoption of the second pillar.

The discussions also covered tax agreements and policies, tax debt notifications, tax deduction obligations, tax collection of crypto assets, and digital tax management, aiming to establish a unified, equitable, and more effective tax system within ASEAN.

Through these discussions, delegates seek to strengthen relationships that will serve as a foundation for future cooperation, helping to define equitable, effective, and sustainable tax management strategies that promote integration and resilience in the ASEAN region and beyond.

These meetings provide an opportunity for ASEAN member countries, particularly tax experts, to engage in dialogue on tax competition and policies following the implementation of the second pillar.

Topics such as tax revenue management using digital tools and artificial intelligence (AI), advancements in amending double taxation avoidance (DTA) agreements, tax deductions, and value-added tax (VAT) management in international trade are also on the agenda, along with future planning directions for direct tax policies in the region and a review of the 2024 priorities for the AFT and SF-ET meetings.

Import and export tax collection increases nearly 43% year on year

BAC GIANG - Since the beginning of the year, the Customs Department controlling the Industrial Parks in Bac Giang (Customs Department) province has collected more than 1,318 billion VND (56 million USD) in import and export taxes, increasing nearly 43% over the same period last year and reaching nearly 78% of the yearly plan.

US cancels tax evasion probe into wooden cabinets imported from Vietnam

The US Department of Commerce (DOC) has ended in its entirety the probe into trade remedy tax evasion on wooden cabinets imported from Vietnam, according to the Trade Remedies Authority of Vietnam (TRAV) under the Ministry of Industry and Trade.

Corporate income tax on smaller enterprises might be cut to as little as 15%

The corporate income tax on small and micro-sized enterprises might be cut to 15-17% from a current common rate of 20%, depending on previous revenues.

Vietnamese, Russian taxation agencies ink MoU on cooperation

The General Department of Taxation of Vietnam and the Federal Taxation Service of the Russian Federation signed a Memorandum of Understanding (MoU) on bilateral cooperation in Hanoi on June 20.

Tax, land rent payment deadlines to be extended this year

Payment deadlines for value added tax (VAT), corporate income tax, personal income tax, and land rent in 2024 are set to be extended, involving a total tax value of nearly 84 trillion VND (3.3 billion USD).

Tax sector witnessed 10.7% increase in State budget revenue in first four months

Total State budget collection in the first four months of this year was estimated at 640.29 trillion VND (25.20 billion USD), equivalent to 43% of the yearly projection, representing a year-on-year rise of 10.7%, according to the General Department of Taxation.