December 18, 2017 10:08

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Vietnam, Slovakia enhance financial cooperation

08:02 | 30/11/2017

VCN – On 27 November 2017, the Minister of Finance Dinh Tien Dung had a meeting with Mr. Peter Kazimir – Slovakia’s Minister of Finance and the delegation and attendance of Deputy Minister Tran Xuan Ha and representatives of some relevant units under the Ministry of Finance.  

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The meeting

At the meeting, Minister Dinh Tien Dung said that this was a good opportunity for the two sides to exchange and share concerns about financial polices for the development of infrastructure and anti-base erosion of tax, Customs cooperation, prize-winning game management, anti-transfer pricing, market management and financial services.

He noted that since the diplomatic relationship was established in 1950, the relationship between the two countries had developed well on the basis of traditional friendship. The Minister highly appreciated the economic achievements, comprehensive integration policy of Slovakia, including expanding economic cooperation with countries in the Asia-Pacific region, including Vietnam. The Minister wished that the two Ministries of Finance would have the plan and roadmap for practical and effective cooperation.

Concerning the tax cooperation, the Minister stressed that currently, one of the reform targets by 2020 of the Vietnam’s Taxation was further enhancing the simplification of tax administrative procedures, focusing on carrying out the electronic tax for enterprises.

For electronic invoice, in particular, it is targeted to develop and complete the regulations on electronic invoices, electronics invoices with unified authentication code, facilitate taxpayers, reduce costs of issue, management and use of invoice, fulfil database of taxpayers in order to create an information base for monitoring, supervising and detecting acts of tax frauds in general and acts of base erosion and profit shifting (BEPS) in particular.

Thus, the Minister hoped to receive technical support and IT solutions from Slovakia to strengthen the efficiency of tax administration in the informal sector in order to raise the tax revenues to the State budget and fight against base erosion.

Mr. Dung also shared the accession of Vietnam to BEPS. At the plenary conference of BEPS Implementation Forum, Vietnam has officially announced its accession and become the 100th member of the Forum. This is an important step for Vietnam to join the implementation of the BEPS actions.

Vietnam is committed to fulfilling all obligations of a member, especially deploying 4 actions in the minimum standard package. Besides, Vietnam will consider the implementation of other actions towards the reform of Vietnam’s tax system.

At the meeting, the Minister Peter Kazimir affirmed that Slovakia’s Minister of Finance would be ready to cooperate and share experience as well as send its experts to support Vietnam in state budget management, tax and Customs administration, financial market and prize-winning game management.

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Especially, he proposed that the two countries could develop and proceed to sign an MOU between the two Ministries in the coming time to specify these agreed contents.

By Hong Van/ Huyen Trang