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South Korean Firms Cite Misunderstanding of Tax Laws - Vietnam Briefing News

May 11 – During a meeting with finance ministry officials, South Korean executives explained that Korean companies doing business in Vietnam can sometimes disregard new corporate tax and customs regulations because of misinterpretation.

The deputy general director of Lotteria Vietnam, Dao Manh Ha, said that Korean firms generally respect Vietnamese laws but are sometimes confused by new regulations.

He used the example of Lotteria importing potatoes for its fast food restaurants but declaring the imports using incorrect customs codes thus also inevitably delaying tax payments.

Language becomes a real obstacle for South Korean firms when it come to compliance because although they employ Vietnamese employees to assist them it still poses problems.

“We hope Vietnamese officials understand and help us get the hang of the regulations,” Sam Han Lee, the general director of S&S Auditing and Consulting Company, told Thanh Nien News.

In response, the deputy director of the General Department of Taxation, Pham Duy Khuong, said that the ministry would help businesses deal with import and export procedures in addition to individuals with tax declarations.