Departments of Taxation of provinces and cities to carry out the review and statistics of insurance companies in Vietnam within their management scope

Departments of Taxation of provinces and cities to carry out the review and statistics of insurance companies in Vietnam within their management scope

In recent times, the Ministry of Finance of Vietnam has issued Official Dispatches on strengthening inspection and monitoring activities in the insurance market. Therefore, to further enhance tax management for insurance companies, the General Department of Taxation requests the Departments of Taxation to:

- Conduct a review and statistics of insurance companies and their branches within the management scope. Based on this, implement risk management principles in tax management to carry out document inspections at the Tax authorities' headquarters as prescribed. If any risks are found, conduct inspections at the taxpayer's premises according to regulations.

- Assign specialized units as the focal point responsible for researching, implementing, monitoring, and managing insurance companies and their branches. At the same time, continue to provide guidance and strengthen propaganda activities for these companies.

- Coordinate closely with relevant agencies to ensure strict management of insurance companies and their branches, aiming to minimize risks in tax management. In case any violations of tax laws or signs of criminal activities are detected during inspection and monitoring activities, transfer the case files to the competent authorities for proper handling according to the law.

- The Department of Taxation of Big Enterprise, Hanoi Department of Taxation, and Ho Chi Minh City Department of Taxation continue to apply measures as prescribed to completely resolve the recommendations stated in the Conclusions of the Ministry of Finance's inspection (Insurance Management and Supervision Department) regarding insurance companies. Additionally, continue to conduct reviews of other insurance companies within their management areas to carry out appropriate actions according to legal regulations.

- During the implementation process, the Department of Taxation should continue to coordinate effectively in tax management for insurance companies and their branches.

Official Dispatch 910/TCT-TTKT was issued on March 11, 2024.

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