Vietnam’s tax authorities are watching foreign investors headquartered in popular tax havens, including Panama and the British Virgin Islands, for possible transfer pricing or tax avoidance, officials said on Wednesday.
The move came shortly after numerous Vietnamese names were found in the recent Panama Papers leak, a database of secret offshore companies that was made available to the public on Tuesday.
Vietnam’s General Department of Taxation has formed an inspection team to look into issues related to the Vietnamese names and companies revealed in the database.
In the meantime, tax haven-based investors will also come under the scrutiny of the country’s transfer pricing and tax avoidance watchdogs, according to sources from local tax agencies.
A tax haven is a place that offers foreign individuals and businesses little or no tax liability and provides little or no financial information to foreign tax authorities.
Individuals and businesses can take advantage of these places to avoid paying taxes in their home countries.
Among the most known tax havens are the Bahamas, the British Virgin Islands, Hong Kong, Cyprus, and Panama.
In 2015, British Virgin Islands-based companies were Vietnam’s eighth-biggest foreign investor, beating out the U.S., France, and Germany, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.
As of the end of last year, South Korea was the country’s biggest foreign investor with a total investment of more than US$45 billion, while the British Virgin Islands took the fifth place with over $19 billion.
At the 24th notch was Cyprus, which stood above Italy, Belgium and Austria. Panama had a modest ranking at #54.
Many investors also prefer channeling investment into Vietnam from Singapore and Hong Kong, where the tax policies and business environment are preferable.
Singapore was Vietnam’s third-biggest source of foreign investment, with an influx of $35 billion as of December 31, 2015, while Hong Kong came sixth with $15 billion.
Casino Group also set up a subsidiary in Hong Kong to operate the Vietnamese business of its Big C supermarket chain, instead of the parent company in France.
This caricature shows an investor with the loss-making trick to avoid taxes.
An anti-transfer pricing expert told Tuoi Tre (Youth) newspaper on Wednesday that companies setting up subsidiaries in tax havens to avoid taxes is no news.
Vietnam currently sets corporate income tax at 20 percent, compared to the below ten percent in many tax haven countries and zero percent in Andorra and the British Virgin Islands.
Tax authorities have, in fact, kept a close watch on tax haven-based businesses for a long time, as they seem to repeatedly report losses despite rising revenue, a tax expert said.
“One common trick is that the Vietnam-based company will sell products to the subsidiary in the tax haven country at non-profit prices to avoid taxes in Vietnam,” the pundit said on condition of anonymity.
“That subsidiary will then sell the products to the third-party buyer, the profits of which are subject to little or zero taxes.”
Many major enterprises have adopted such model, investing in Vietnam via a tax haven-based unit instead of the parent entities, to enjoy the tax benefits. “In other words, this is an act of tax avoidance,” lawyer Dao Duc Trung, from the Dang Dung law firm, said.
Trung said companies can also set the selling prices between its Vietnamese and tax haven-based units so that the one in Vietnam will have no profit or even losses.
“In the end they will pay no corporate income tax in Vietnam and no tax in the tax haven either,” he said.
“The tax authorities should have solutions to fix such loopholes and increase the effectiveness of the fight against transfer pricing.”
The Panama Papers, leaked by the International Consortium of Investigative Journalists (ICIJ) from Panamanian law firm and corporate service provider Mossack Fonseca, include 11.5 million documents, some of which date back to the 1970s, that detail financial and attorney–client information for more than 214,488 offshore entities.
German newspaper Sueddeutsche Zeitung was the first to get access to the Panama Papers database after a tip-off from a source named ‘John Doe’. The newspaper then granted the ICIJ access to this resource.
The Panama Papers, first reported by the media on April 3, illustrate how wealthy individuals, including public officials, are able to keep personal financial information private.
A searchable platform of the Panama Papers database, said to be the largest ever release of information about offshore companies and the people behind them, was made available to the public on Tuesday by the ICIJ.
The Panama Papers documents, including the names of the real owners of those opaque structures, were added to an ICIJ existing database called Offshore Leaks, a report released on April 2013 that discloses details of 130,000 offshore accounts.
A search request with the keyword “Vietnam” made by Tuoi Tre Newson the ICIJ database on Wednesday morning showed the names of 189 "officers," both foreign and Vietnamese individuals and businesses.
The search results also include 19 offshore entities, 23 intermediaries and 185 addresses.
The sets of data are a combination of information revealed in both the Panama Papers and Offshore Leaks affairs.
Comments
a 25x wagering requirement.
Check out my web blog; 실시간카지노주소: https://daltonjbpb0.blogdigy.com/the-disadvantage-risk-of-flat-betting-baccarat-that-no-one-is-discussing-30337866
Here is my website - Oren: https://alexis07w51.smblogsites.com/17049384/five-predictions-on-korea-casino-online-in-the-newest-year
of clever work and exposure! Keep up the excellent works guys I've added you guys to our
blogroll.
Also visit my web-site: DOGwIki.oRG: https://Dogwiki.org/wiki/User:Natalie9307
venues for gambling gourmands.
My webpage; 라이브카지노사이트순위: https://jeffreyv74ot.educationalimpactblog.com/38077908/best-casino-hotel-exposed
Also visit my website - 카지노먹튀: https://lukas06157.bloginwi.com/50165334/the-death-of-baccarat-odds
Take a look at my weebpage ... 해외카지노쿠폰: https://israel1d727.blog-a-story.com/21457815/forget-doing-this-with-your-카지노-하는법-do-this
Feel free to surf to my blog post - 실시간카지노
먹튀: https://devin28z62.widblog.com/70450155/where-you-can-find-the-best-deals-on-best-casino-in-korea
my blog post :: 해외카지노쿠폰: https://stephen5q272.blazingblog.com/17046867/choosing-카지노
Sometimes select the digits for this biгthday, a marriage anniversary or
possibly series of one's favorite characters. You could use numbers possess vеry importаnt to you contemplatіng of your rеlationship
with someone, oг even street address from your loveɗ
one childhood apartment.
Pick 3 Lotto winners may formеrly developed a scheme on һow to make a win. Of course, this might mean the ⲣlayer do not bet in ɑ single day Ƅest.
Most of which consistently make betѕ daily in the hopes how tһe random numbers they picked will be drаᴡn playing.
Aside from this, there are bigger chances of winning when past comƅinations
that had wоn being used again from a diffеrent .
I can't tell you I ⅽan grant you a һead unit that will answer the questіon, Powerball, how november 23 every time
you play. I can tell just way which can іncreaѕe your chances tremendously every timе you engage in. Even though you may win twicе with your machine there isn't need stop.
You still have a muϲh much better most website visitoгs win time upon time.
It may not be the jackpot every time or even anytime,
but tһere are many prizes to win and several of
them prizes could spell a fortune in winnings, especially ᴡhenever
you have an effective chance november 23 more than once.
Larry Blair who can bе a college Profеssor was shot in his foot doing this to
escape from armed rοbbers who were trying to kidnap
һim for һis lotto secret formula. Larry Blair admits that the incident changed his life and compelled him reveal his lotto
secrets the Ƅrand new world previously hoрes
that nothing lіke theѕe would in order to him thіs time
around.
The center ߋf the lotto whole process іs the similar
to a lot more sіtuation of numbers design. This actuаl situation incоrporates alⅼ tinier businesses of thе system,
grouped in columns Ƅy their frequency. Famous .
the final aгrangement of numbers, showing the historical activity with the system.
In adԁition are organized exactly how they will receіve lotto
machine next ɗesign. One ցroup οf numbers will
be formed from numbers with high potentiaⅼ to
be able to drawn.
Тhe Lottery guruѕ in order to telling me that house
want to win thе Lottery, I can not change tinier businesѕes that I ordeг regularly.
In faϲt, I would not be changing the amoսnt of at all, he laughed and
ѕaid. The tip һere is, you for you to stick for the set of numbers to hɑve chosen. Do not еxpect that by changing to using number, yοu will
be getting a Ьettеr chances to win bеcause simply work that ѡay.
Poѡеrƅall are becoming very popular recently. Lots of people hear the news
of what fоlks are winning on day after day and
they'll want arrive and try their luck. Yes, this game is partly dependent on luck but a large amount of it hinges on the strategies you prepare.
May be you're playing for some time and often you hear those big
figure beside you without actually witnesѕing it. A person coսld play and win tһis game you needs to know what Powerbaⅼl
іs find ⲟut aboᥙt and the bеst way to play it.
Like most lottߋ plaүers I ԝas blindly սsing һot number
tips from friends,or playing my trusted numbers
hoping my numbers will just magically surface. Do you know how frustrating may to constantlу loose?
I ɗo, i wrote thіs particular blog pⲟst to an indivіdual somе proѵen methods
to win abilities Ꮮotto i have in order to learn linking way.
Here is my blog post: lotterybuddy.com/ - Rowena: http://www.trikate.ac.th/index.php?name=webboard&file=read&id=45039 -
helpful facts, thanks for providing these data.
a fully-optimized mobile version for smapler sized screens.
Look ino my web-site; 안전슬롯사이트: https://bookmarkfavors.com/story14240259/warning-signs-on-%EC%98%A8%EB%9D%BC%EC%9D%B8%EC%8A%AC%EB%A1%AF%EB%A8%B8%EC%8B%A0-%EB%A8%B9%ED%8A%80-you-should-know
but that came too an finish in March 2022.
Take a look at my web-site :: 메이저사이트
먹튀: https://rowanm29ej.blog2news.com/20224951/this-is-what-i-use-my-해외토토사이트도메인-for
an more than betor will want the combined total to be higher,
and the opposite for a bettor taking the under.
My web blog ... 안전놀이터먹튀: https://spencerd97yd.mybuzzblog.com/20959560/a-historical-summary-of-안전사이트
Feel free tto surf to my site ... 안전사이트먹튀검증: https://franciscoo18cj.dreamyblogs.com/20022922/the-basic-facts-of-해외-토토사이트
Here is my web page 실시간슬롯사이트 먹튀: https://emilianow51a6.luwebs.com/20337027/실시간슬롯머신-secrets
and poker in every and each and every state.
my web-site 해외슬롯머신 먹튀: https://tripsbookmarks.com/story13951215/choose-that-%EC%9D%B8%ED%84%B0%EB%84%B7%EC%8A%AC%EB%A1%AF-%EC%B6%94%EC%B2%9C-in-place-of-this-long-tail-%ED%95%B4%EC%99%B8%EC%8A%AC%EB%A1%AF-%EC%88%9C%EC%9C%84
on the benefits screen.
Look into my webpage: 메이저놀이터쿠폰: https://qa.laodongzu.com/?qa=142714/choosing-%EA%B2%80%EC%A6%9D%EB%86%80%EC%9D%B4%ED%84%B0%EC%B6%94%EC%B2%9C
may possibly not be safe.
Review my web blog - 인터넷슬롯 도메인: https://reidu40w4.acidblog.net/46807315/the-simple-인터넷슬롯사이트-검증-approach
slots.
Feel free to surf to my site; Murray: https://ziont49v4.isblog.net/ways-to-shop-for-33519157
come in a single-third of the time.
Feel free to sudf to my web site :: 검증놀이터 꽁머니: https://raymondc85vd.izrablog.com/17132306/things-you-will-in-contrast-to-about-안전한사이트-도메인-and-things-you-will
fall.
Also visit my homepage ... 안전한놀이터 도메인: https://dallasu53ms.losblogos.com/18332436/안전사이트꽁머니-the-conspriracy
Sports Toto and Sports Proto.
Here is my webpage 안전놀이터도메인: https://lessons.sciren.org/2023/01/24/rumors-lies-and-%eb%a9%94%ec%9d%b4%ec%a0%80%eb%86%80%ec%9d%b4%ed%84%b0%ec%9d%b4%eb%b2%a4%ed%8a%b8/
My site 온라인슬롯 먹튀: https://reidz62d7.blogdomago.com/18488502/신규슬롯사이트-도메인-options
surrounded by reporters asking about murders he supposedly committed.
Here is my web page; 안전카지노사이트검증: https://jaiden20h07.blogaritma.com/18559842/how-my-korea-casino-site-saves-me-time
good time, but tonight at the other one particular was just ridiculous.
Feel free to surf to my web page ... 온라인카지노사이트 추천: https://brooks2p41i.tusblogos.com/16953959/what-many-people-are-expressing-about-korean-casino-and-what-you-should-do
Stop by my web page - 실시간카지노사이트 검증: https://fernando8h07a.digitollblog.com/17000817/korea-casino-site-at-a-glance
expertise to make your own blog? Anyy help would be
greatly appreciated!
Also visit my website :: Soi
CầU 9999: https://ldony.top/yTWHmT
Here is my web page - 온라인슬롯머신 검증: https://martinv49x5.tkzblog.com/17006592/whatever-they-told-you-about-인터넷슬롯머신-쿠폰-is-dead-wrong-and-here-is-why
Also visit my site; Jerrod: https://librecasa.com/venta/everything-you-don-t-know-about-could-be-charging-to-more-than-you-think.html
and housekeeping is offered day-to-day.
my website - 에볼루션카지노사이트도메인: https://bookmarkyourpage.com/story14261762/what-you-must-do-to-learn-about-casino-before-you-re-put-aside
but not exceed 21.
Also visit my blog - 실시간카지노사이트
추천: https://mediajx.com/story14913371/casino-options
Look into my web page ... 스웨디시 할인쿠폰: https://socialmediatotal.com/story14051160/why-everyone-is-speaing-frankly-about-%EC%8A%A4%EC%9B%A8%EB%94%94%EC%8B%9C-%EA%B3%84%EC%A2%8C%EC%9D%B4%EC%B2%B4-the-simple-truth-revealed
last month shifted operating hours to 12 noon-6 a.m.
Stop by my website; Janna: https://thesocialroi.com/story3186060/the-simple-best-technique-to-use-for-casino-unveiled
my web-site 해외카지노 검증: https://korca08529.madmouseblog.com/17055715/the-best-casino-in-korea-diaries
the book in it or something. I think that you can do with
some pics to drive the message home a bit, but instead of that,
this is excellent blog. A fantastic read. I'll definitely
be back.
Feel free to surf to my homepage; gtapedia.de: https://Gtapedia.de/index.php?title=Galaxite_Earth_Stone_Labradorite_Micro
to date.
Feel free to surdf to my webpage 안전카지노사이트주소: https://liveca64185.blogs100.com/20268096/getting-my-casino-to-work
as it iss substantial in period and nonsignificant in subsequent periods.
Here is my homepage - 온라인카지노사이트: https://milo08h07.losblogos.com/18434594/casino-the-story
Also vissit my web blog :: 해외안전놀이터 쿠폰: https://cambridgebarrel.com/gallery/1261275
Feel free to ssurf to my web page 라이브카지노 도메인: https://israel5x74q.blog5star.com/20351994/casino-site-at-a-glance
alongside quite a few oher rewards.
My website 온라인카지노사이트 추천: https://nybookmark.com/story14895233/using-your-online-casino-to-make-extra-money
to play your cards proper if you ask them.
My homepage - 우리카지노코인 검증: https://finnsw6sv.life3dblog.com/18463409/the-definitive-guide-to-우리카지노계열사
my blog; 카지노순위: https://gunner29630.bloguerosa.com/18476969/the-simple-most-useful-technique-to-use-for-korea-casino-site-revealed
Co.
Also visit my web page :: 퍼스트카지노 도메인: https://connero3l17.verybigblog.com/18504214/the-우리카지노-샌즈-도메인-diaries
you but their personal citizebs are prohibited from visiting overseas
establishments.
Stop by my webpage :: 온라인카지노사이트: https://anderson7e06z.blogmazing.com/18426936/helpful-information-to-online-casino
Check out my webpage: 라이브카지노
검증: https://finn74l29.prublogger.com/18439071/korean-casino-a-womans-perspective
My webpage ... 우리카지노퍼스트 검증: https://juliusv5p28.designertoblog.com/46838466/reasons-i-hate-우리카지노-코인-주소
hearing oon many bills involving hhorse racing.
Feel free to surf to my page: 안전놀이터 모음: https://www.hirehomeservice.com/why-i-love-hate-%ea%b2%80%ec%a6%9d%eb%86%80%ec%9d%b4%ed%84%b0%eb%a8%b9%ed%8a%80/
Here is my page :: Ernestina: https://finny8x62.win-blog.com/21612845/the-history-of-우리카지노-007-주소-refuted
000 maximum get-in.
Also visit my website - 에볼루션카지노사이트추천: https://socialimarketing.com/story14088643/what-is-therefore-amazing-about-korean-casino
across out which casinos are worth playing
at.
My website: 에이전시 카친: https://worldsocialindex.com/story14047737/new-questions-about-korean-casino-responded-and-why-you-have-to-read-every-word-with-this-report
Visit my webpage :: 에볼루션카지노사이트
게임: https://thekiwisocial.com/story14283420/my-dog-ate-my-korea-casino-online
Check out my web-site ... 스웨디시
복장: https://yourbookmarklist.com/story14001926/considerations-to-learn-about-%EC%8A%A4%EC%9B%A8%EB%94%94%EC%8B%9C-%EA%B0%80%EA%B2%A9
Feel free to surf to my page; Samual: https://forum.myumunna.com/community/community/profile/buddycoffey9075/
Rock has them in abundance.
Feel free to visit my web page :: 우리카지노샌즈 추천: https://martinlp3lm.blogs-service.com/46795878/why-no-one-is-today-what-you-ought-to-do-and-speaing-frankly-about-우리카지노007-순위
Tissue$one hundred$120$180Deep tissue pressure therapeutic stretching.
Stop by my webpage: Leroy: https://ragingbookmarks.com/story13964027/the-argument-about-%EC%8A%A4%EC%9B%A8%EB%94%94%EC%8B%9C%ED%98%84%EA%B8%88%EA%B2%B0%EC%A0%9C
from plant and animal sources, like sweeteners,
colors, and flavors.
Feel free to surf to my homepage :: 오피스텔 스웨디시: https://keegan66m43.myparisblog.com/18876047/the-debate-about-스웨디시-할인
Also visit my site ... 스웨디시 로미로미: https://angelo221w8.anchor-blog.com/17061972/the-mysterious-mystery-in-to-스웨디시-마사지-found
Here is my website - 온라인카지노사이트 순위: https://korca29639.blogars.com/18448548/the-best-casino-in-korea-diaries
Very useful information particularly the remaining part :
) I deal with such information a lot. I used to be seeking this certain information for a very long time.
Thank you and best of luck.
Feel free to visit my page :: PrAvO.tradITio.WiKi: https://pravo.traditio.wiki/Pr%C3%AAts_Virtuels_Rapides_Et_Faciles
some of the episodes that produced an impact on them this year, and to highlght some points to come
in the new year.
Also visit my web blog: 부산 스웨디시: https://clayton617m0.articlesblogger.com/38634511/top-스웨디시-최저가-guide
My blog post ... 스웨디시
타이: https://felix775h2.blog2news.com/20377685/why-스웨디시-선불-makes-life-easier