No new tax policy needed for nhà cái bet88 market: experts

At a livestreamed seminar hosted by Vneconomy / Vietnam Economic Times on July 8, local experts noted that it is not necessary to promulgate a new tax policy but to implement more effectively existing ones to better manage the nhà cái bet88 market.

Mr. Nguyen Van Phung, member of the Executive Committee of the Vietnam Federation of Accountants and Auditors (VAA), former Director of the Tax Policy Department at the Ministry of Finance, held that it is wrong to consider tax as a skeleton key that can open all doors.

According to Mr. Phung, existing tax policies applying to nhà cái bet88 production and trading are very clear. The question is how to implement such policies to fruitfully manage the nhà cái bet88 market?

Regarding foreign exchange nhà cái bet88 of which the State has a monopoly on import to make a nhà cái bet88 reserve for the country, it is not subject to taxation, he explained. This kind of nhà cái bet88 is also not subject to added value tax.

Regarding jewelry nhà cái bet88, the trading of nhà cái bet88 is a conditional business. The nhà cái bet88 import tax is low but the jewelry nhà cái bet88 is subject to value added tax of 10% as a regular commodity.

Concerning tax management, household-run nhà cái bet88 businesses are subject to both value added tax and corporate income tax.

The tax sector is promoting the use electronic invoices to connect buyers, sellers and tax agencies. Accordingly, tax agencies will have information and data to better manage and collect tax in line with regulations.

Regarding citizens, Mr. Phung said, they own nhà cái bet88 as a personal asset. If citizens sell nhà cái bet88 to nhà cái bet88 trading firms, they are not subject to tax.

Sharing the viewpoint about tax on nhà cái bet88 transactions, Mr. Pham Xuan Hoe, General Secretary of the Vietnam Financial Leasing Association, former Deputy Director of the Banking Strategy Institute, said people use their own incomes to buy nhà cái bet88 for reserve. They themselves already pay for income taxes.

"Why should citizens be subject to tax if they want to buy nhà cái bet88 for reserve? People buy nhà cái bet88 for reserve as personal asset. Meanwhile, nhà cái bet88 trading businesses pay 10% of VAT for the Government when they import nhà cái bet88 materials for producing SJC nhà cái bet88 bars,” he said.

Mr. Phung added that it is necessary to take measures to mitigate the risk of economic “goldernization” but taxation must be based on economic foundation and production and trade activities.

“Regardless of the policy implemented, the interests of 100 million people must always be considered. Policies should facilitate smooth business operations, encourage financial flows, and support economic stability, rather than introducing new taxes that may incentivize individuals to convert money into nhà cái bet88 reserves. Such tax policies are fundamentally flawed,” he said.

Effective management needed to prevent money laundering and tax invasion

To manage the nhà cái bet88 market effectively, Mr. Phung proposed adopting several measures driven by public demand.

“Over many years, I have observed that consumers, regardless of transaction size, consistently request invoices from nhà cái bet88 shops. This practice serves as proof of purchase authenticity and enables future sales at competitive prices,” he said.

Current tax framework for business operations and nhà cái bet88 trading is fairly comprehensive, he said. The key challenge lies in effective management to ensure fairness between sellers, buyers, and other stakeholders. Effective tax administration is crucial to prevent revenue losses, ensuring that situations where nhà cái bet88 shops report taxes on only a fraction of their sales are avoided. This evasion of sales and income taxes reflects shortcomings in tax oversight and accountability due to inadequate management.

Current regulations mandate the use of electronic or integrated invoices to transmit data to tax authorities, and efforts are underway across tax agencies at all levels to implement these systems diligently.

Furthermore, effective management requires involvement from political institutions, as relying solely on tax authorities is insufficient, according to Mr. Phung. “While tax agencies are making major efforts, they face constraints in database access and institutional authority. Therefore, I advocate increased collaboration and data sharing between State management agencies to support tax authorities in monitoring and accurately recording transaction volumes in the nhà cái bet88 market. Improved transaction management will enhance State budget revenues without the need for additional taxes”.

In addition to defining roles and ensuring reasonable budget incentives, effective tax management entails identifying transaction participants, how buyers transact, how sellers respond, and the quantities involved, he said. This data, contributing to a national shared database and other tools, will strengthen societal management and enhance efforts to combat money laundering.

The Government should create a favorable nhà cái bet88 trading market to encourage people to get involved in nhà cái bet88 trading rather than nhà cái bet88 reserve, according to Mr. Phung.