On August 22nd, RSM Vietnam, in collaboration with VCCA and BRAVO, successfully organized the seminar: "ARE YOU READY TO EMBRACE CHANGE ACCOUNTING & TAX 2024?" which attracted nearly 150 participating companies.
The seminar featured leading experts in tax, accounting, and auditing who shared crucial information with businesses. Participants were updated and advised on strategies to navigate the 2024 tax audit; received updates on 2024 tax regulations and drafts of tax laws for the 2024-2025 period, including VAT, corporate income tax, and personal income tax; had the opportunity to engage in dialogue with top experts in tax, accounting, and auditing; learned about changes in the revised accounting laws to be prepared for upcoming changes; and understood methods for resolving conflicts of interest in related-party transactions for public companies.
At the seminar, Mr. Nguyen Thanh Lam - Deputy General Director of RSM Vietnam, addressed the topic of tax audits for 2024. With the current trend of tightening regulations, limiting fraud, and combating budget revenue losses, tax authorities are increasingly referencing laws and regulations beyond the tax sector to assess and address tax issues. Through Mr. Lam's presentation, businesses were updated on new regulations related to the 2024 tax audits, helping them mitigate tax risks and ensure full compliance with the state tax laws and regulations.
Following Mr. Nguyen Thanh Lam's presentation, Mr. Nguyen Van Phung - Former Director General of Large Taxpayers Department The General Department of Taxation, presented draft amendments to various tax laws for 2025 for discussion at the seminar. The draft amendments to the VAT law propose numerous changes to existing provisions and introduce several new regulations. Additionally, the draft amendments to the corporate income tax law suggest tax exemptions for certain industries and services.
A topic that attracted significant attention from representatives of listed companies was "Transactions of Insiders & Related Parties - Disclosure Obligations under the 2019 Securities Law and its Guiding Documents," presented by Mr. Nguyen The Tho - Former Director General of the Securities Market Supervision Department, State Securities Commission of Vietnam. Conflicts of interest in transactions involving related parties are a critical issue for listed companies. When related parties such as executives or major shareholders engage in transactions with the company, conflicts of interest may arise with other shareholders. To address this issue, Mr. Nguyen The Tho suggested that listed companies must fully, accurately, and timely disclose information about transactions involving related parties. This approach helps investors assess the fairness and reasonableness of these transactions.
Additionally, representatives from participating companies engaged in lively discussions on the topic of "Draft Amendments to the Accounting Law – New Changes Businesses Need to Proactively Understand," presented by Mr. Trinh Duc Vinh - Deputy Director of the Department of Accounting and Auditing Regulations. After nine years of implementation, the 2015 Accounting Law (Law No. 88) has played a significant role in advancing the development of the accounting sector and the Vietnamese economy. However, in the current digital transformation context, businesses often face challenges related to compliance, costs, and delays in accounting processes, leading to reduced productivity and legal risks. These issues can significantly impact business operations and finances. The draft amendments to the Accounting Law aim to address these existing challenges while also presenting new challenges that require accountants to swiftly adapt to forthcoming changes.
RSM Vietnam believes that through this seminar, businesses will gain valuable insights to swiftly adapt to changes in the field of tax inspections and the accounting-tax system in the future. RSM Vietnam is committed to continually supporting businesses on their development journey!
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