Under the amended law, chairman of the provincial People’s Committee can erase tax liabilities worth a maximum VNĐ5 billion (US$215,000). Directors of the general tax and customs departments are able to remove overdue tax liabilities worth VNĐ5-10 billion. The finance minister is authorised to eliminate overdue tax liabilities worth VNĐ10-15 billion and the Prime Minister can erase unpaid tax liabilities worth more than VNĐ15 billion. The amended law also asks commercial banks to provide data and information of customers – also tax payers – to tax agencies and work with tax agencies to perform tax collection activities while ensuring tax payers’ information is secure and not falsified. The amended Law of Tax Management will take effect on July 1, 2020.

Source: Viet Nam News June 14, 2019 01:18 UTC