Workshop on updating tax policies and international financial reporting standards IFRS in Nghe An

On the morning of October 24, Nghe An Provincial Tax Department coordinated with the Association of Foreign Investment Enterprises (VAFIE) to organize the Workshop "Updating tax policies and International Financial Reporting Standards (IFRS)".

Overview of the Conference on updating tax policies and international financial reporting standards IFRS in Nghe An . Photo: Van Truong

Speaking at the opening of the conference, Mr. Nguyen Bang Thang - Head of Nghe An Provincial Tax Department emphasized: In order to accompany the business community in Nghe An province in accessing and promptly updating new tax policies and regimes, Nghe An Provincial Tax Department has coordinated with the Association of Foreign Investment Enterprises (VAFIE) to organize the Workshop "New tax policies impacting business production and business of enterprises and accounting regime according to international standards IFRS". This is considered one of the key tasks of Nghe An Tax sector, aiming at the strong and sustainable development of the business community in the province.

Mr. Nguyen Bang Thang - Head of Nghe An Provincial Tax Department opened the Conference. Photo: Van Truong

At the workshop, in the presentation with the topic "Update on new points in tax policy in 2025", Mr. Pham Manh Hung - Head of Tax Advisory Services EY Vietnam - analyzed in depth the changes that have a direct impact on business operations, especially in the fields of global minimum tax, electronic invoice management, and tax incentives for new investment enterprises.

Mr. Pham Manh Hung also emphasized the new highlights in the tax law system that will take effect from 2025, a year considered to be particularly important with a series of amendments to tax and accounting policies, specifically: Resolution 204/2025/QH15: reducing VAT from 10% to 8% for many groups of goods and services until December 31, 2026. Law on Value Added Tax (VAT) No. 48/2024/QH15, effective from July 1, 2025. Law on Corporate Income Tax (CIT) No. 67/2025/QH15, effective from October 1, 2025. Law on Tax Administration (amended), expected to be passed during the National Assembly session.

Delegates attending the Conference. Photo: Van Truong

In the context of increasingly deep international integration, updating tax policies, along with global minimum tax and IFRS accounting standards, is an urgent requirement to help businesses improve their competitiveness and legal compliance.
In particular, businesses need to pay attention to new regulations on invoices, including the application of electronic invoices from cash registers for business households and individual businesses.

Representatives of ACCA and EY Vietnam shared practical experiences in applying International Financial Reporting Standards (IFRS). According to the roadmap of the Ministry of Finance , starting from 2025, IFRS will become a mandatory standard for listed enterprises, credit institutions and enterprises that need to mobilize capital in the international market. The practical benefits that IFRS brings include: transparency of financial information, enhancing corporate reputation, increasing access to international capital sources...

Mr. Pham Manh Hung - Head of Tax Advisory Services, EY Vietnam, shares practical experiences in applying International Financial Reporting Standards. Photo: Van Truong

At the workshop, experts also answered many questions from businesses about the mechanism of deduction, VAT refund, handling of deductible expenses, and difficulties in applying IFRS were raised and specifically answered.

At the end of the workshop, Mr. Nguyen Bang Thang - Head of Nghe An Provincial Tax Department affirmed that Nghe An Provincial Tax Department will continue to closely coordinate with organizations and businesses to build a transparent, modern and friendly tax environment. Updating tax policies and applying International Financial Reporting Standards (IFRS) is not only a legal requirement but also a strategic step, helping businesses in the area to integrate deeply and develop sustainably.

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Source: https://baonghean.vn/hoi-thao-cap-nhat-chinh-sach-thue-va-chuan-muc-bao-cao-tai-chinh-quoc-te-ifrs-tai-nghe-an-10308929.html