Viet Nam News HÀ NỘI – The Việt Nam Oil and Gas Group (PVN) has set targets of VNĐ612.2 trillion (US$26.3 billion) in total revenue and VNĐ31.3 trillion in after-tax profit for this year, according to the group. With those targets, PVN will strive to exploit 22.06 million tonnes of oil and gas, including 12.37 million tonnes of crude oil and 9.69 billion tonnes of gas. To gain success in implementing the tasks and targets for this year, the group will continue to promote exploration plans, meaning to increase oil and gas reserves by 5-10 million tonnes this year. At the same time, it will prioritise development of Block B and Blue Whale projects. PVN will closely follow fluctuations in oil prices this year and develop solutions to deal with them. It will also focus on scientific and technological solutions and apply new technology to improve efficiency in production and business. "The Group will coordinate exploitation, export and processing output … [Read more...] about PVN aims to exceed VNĐ31 trillion in after-tax profit in 2019
Taxes
Tax avoidance crackdown to be reviewed amid fears it could bankrupt contractors
The Treasury minister has promised to review a tax avoidance crackdown that campaigners have said will bankrupt taxpayers. Those who used so-called disguised remuneration schemes to avoid tax as far back as 1999 are being targeted by a “loan charge” which comes into force in April and aims to recoup the losses from the arrangements. The schemes typically involved income being paid in the form of loans from offshore companies which would never be repaid. They were generally understood to be legal at the time, and many contractors were following the advice of experts, but the Government's position is that they have always been defective. Campaigners argue the loan charge unfairly targets contractors retrospectively and puts some at risk of bankruptcy or losing their homes. In dramatic scenes in the House of Commons last night, Liberal Democrat MP Ed Davey tabled an amendment to the Finance Bill which would require the Treasury to review the policy before March 30. He said the … [Read more...] about Tax avoidance crackdown to be reviewed amid fears it could bankrupt contractors
Luton council tax could be set to rise by 2.99%
Council tax in Luton is set to rise by nearly three per cent next year, subject to final approval. The borough council needs to make £27.3m additional savings over the next five years, with £11.4m of these needing to be found in 2019/20.Financial reports presented to the local authority’s executive show an above inflation increase of 2.99 per cent for 2019/20.The proposed budget for next year should still ensure that Luton maintains the lowest per household council tax rate in Bedfordshire, according to the council.Extra investment is being targeted at the rising cost of adult social care, and the expense of residential placements because of children with complex needs.There is also increasing demand for temporary accommodation.And the council faces capital expenditure of nearly £365m over a three-year period mainly to fund the London Luton Direct Air to Rail Transport (DART), Bartlett Square development and the airport planning strategy.But it also needs … [Read more...] about Luton council tax could be set to rise by 2.99%
Vietnam’s tax revenue up 12.3% in 2018
The Hanoitimes - The tax department said the overall revenue witnessed significant improvement compared to last year, mainly thanks to a hike in global crude oil prices at US$74 per barrel. Vietnam’s tax revenue in 2018 reached VND1,146 trillion (US$49.43 billion), up 7.2% of the year’s estimate and 12.3% year-on-year, according to the General Department of Taxation. Illustrative photo. Upon breaking down, tax revenue from crude oil stood at VND66.04 trillion (US$2.84 billion), equivalent to 183.9% of the year's estimate, and up 33.2% year-on-year; collection of all kinds of tax reached VND1,080 trillion (US$46.57 billion) or 104.5% of the estimate and up 11.2%. The tax department said the overall revenue witnessed a significant improvement compared to last year, mainly thanks to a hike in global crude oil prices at US$74 per barrel (the estimated price was US$50), up US$18.4 per barrel year-on-year. This resulted in revenue for the … [Read more...] about Vietnam’s tax revenue up 12.3% in 2018
Times swings into black as Sun’s pre-tax losses more than triple
The publisher of the Sun and the Sun on Sunday has more than tripled its pre-tax losses to £91.2m in 2018 while News UK stablemate Times Newspapers has swung into the black. News Group Newspapers saw turnover fall 5 per cent year-on-year to £401.4m with an adjusted operating loss of £64.6m, down from a £7.7m loss in 2017. Its earnings (EBITDA) swung from a profit of £13.7m the year before to a loss of £35m.In contrast, the Times and Sunday Times publisher made a pre-tax profit of £9.6m in the year to 1 July 2018, up from a loss of £6.5m the year before.Turnover was up 2 per cent year-on-year at the Times, to £326.4m, with adjusted operating profit at £13m. Its earnings (EBITDA) were up from a £27m loss to a £17m profit.In a statement alongside its full-year accounts, filed with Companies House, The Times said its increased turnover was “underpinned by growth in digital subscription and digital advertising … [Read more...] about Times swings into black as Sun’s pre-tax losses more than triple