Latest news with #VCCI
Fibre2Fashion
29-05-2025
- Business
- Fibre2Fashion
Vietnam urged not to exempt cross-border e-com goods from import tax
The Vietnam Chamber of Commerce and Industry (VCCI) recently requested the Ministry of Finance for clearer regulations on import tax for e-commerce goods. The request followed the release of the draft government decree related to customs management of e-commerce imports and exports. Evaluating the regulation on import tax exemption for orders with a value of 1 million VND (~$40) or less, VCCI said that this mechanism was not suitable as it would create inequality with indigenously-produced goods. The Vietnam Chamber of Commerce and Industry (VCCI) has urged the Finance Ministry for clearer rules on import tax for e-commerce goods. The request followed the release of the draft government decree related to customs management of e-commerce imports and exports. VCCI believes a comprehensive import tax policy should be drafted, without exemptions or reductions for imported e-commerce goods. As the value of each e-commerce order is often low, mostly not exceeding 1 million VND, the regulation on the tax exemption threshold of 1 million VND means most imported e-commerce goods will not be subject to import tax. Second, domestic manufacturing enterprises must pay import tax on input materials, while imported e-commerce goods are completely exempted. This creates inequality in tax policy, giving foreign goods a competitive advantage, a domestic media outlet reported citing the VCCI letter to the ministry. VCCI believes a comprehensive import tax policy should be drafted, without exemptions or reductions for imported e-commerce goods. However, the development of import tax policies for e-commerce goods will face many challenges, including the difficulty in applying HS code regulations as for traditionally imported goods for e-commerce goods. The diversity of goods via e-commerce can lead to large-scale difficulties in accurately determining HS codes, delaying customs clearance and delivery, and even leading to order cancellations, causing damage to both sellers and e-commerce platforms. Fibre2Fashion News Desk (DS)
Yahoo
27-05-2025
- Business
- Yahoo
U.S. investors own Canada's future and that needs to change
Canada's next chapter depends on bold, immediate action. At the heart of this moment is our country's scale-up challenge. Our country has no shortage of promising startups, entrepreneurs and small- and medium-sized enterprises with world-class talent and ideas. What we lack, however, is the consistent Canadian capital to build these companies into globally competitive businesses. Currently, about two-thirds of all Canadian startup financing comes from U.S. investors. Why is Canada's future owned by Americans? Private capital plays a vital role in this equation. Investors do more than provide risk capital — they bring strategic guidance, global networks and the support Canadian companies need to compete and win in a global knowledge economy. That's why our venture capital market matters: It holds the key to unlocking our next phase of growth. Prime Minister Mark Carney acutely understands this intersection, given his previous leadership at the helm of two G7 central banks. Over the past six years, I've watched firsthand how venture capital and private equity have helped build stronger, more resilient and innovative companies. Even through the volatility of a global pandemic, capital deployment rose from $6.5 billion in venture capital and $21 billion in private equity in 2019, to $8 billion and $28 billion respectively by the end of 2024. Yes, the first quarter of 2025 has been soft, largely due to global economic uncertainty. Canada's challenge lies in the limited sources of capital that are allocated to venture capital and private equity. Such funding is required for Canada's startup and scale-up base to grow and create wealth that will remain in Canada. We need to tap into a broader base of capital. That means creating the right incentives for all types of investors — from individuals to corporations to institutional investors, such as Canada's Maple 8 pension plans — to allocate more capital into higher-risk, higher-reward asset classes like venture capital and private equity. The goal is simple: Steer more capital toward building the future economy, not just preserving the old one. This is where government must play a critical enabling role. Government alone cannot reorient the flow of capital, it cannot dictate where our pension plans invest, but it can create the signals that make risk-taking more attractive. That's what markets respond to. And markets are ready. We have a strong base to build from. Canada is home to over 70 highly innovative companies generating more than US$100 million in annual revenue, which is a sign of real market maturity. We've also seen the emergence of more than 40 venture capital-backed unicorns in just the past five years. The momentum is here. What's needed is national alignment and bold policy. The Liberal Party's platform unveiled on April 19 included a commitment to recapitalize the Venture Capital Catalyst Initiative (VCCI) by $1 billion — a very welcome signal. The VCCI is a public-private program first established as the Venture Capital Action Plan that directs financing to innovative Canadian firms and attracts significant investments from a diverse set of private sector investors. But even that is not enough on its own. What's needed now is a broader, more ambitious approach: one that better aligns government incentives with private markets and institutional capital, including our country's pension funds. All players, both public and private, must come to the table with a shared focus on capital deployment into the most productive parts of our economy. Canada holds all the elements necessary for innovative companies to soar. We have strong talent, sophisticated research, an abundance of energy and critical minerals. Canadian startups can help in building Canada's defence capabilities, they can help address food insecurity around the world, they have proven time and time again that they can produce life-changing therapeutics and can solve many of our environmental challenges. We simply to have to empower them to do this at scale. We need to inject clear policy objectives, procurement policies that grow home champions and attract the capital to these opportunities. This calls for national fiscal incentives that not only reward risk-taking but also enable the smooth flow of capital. We need more than a single measure — Canada requires a suite of robust, well-designed incentives that ensure growth opportunities are fully capitalized, and policies that support the movement of capital across provincial borders. What investors are looking for is a bold, broad-based strategy — clear signals that Canada is serious about driving innovation, scaling businesses, and unlocking nationwide economic potential. The Canadian Venture Capital and Private Equity Association's recent white paper, Tax & Innovation Policies to Incentivize Investment in Canada, released during the federal election campaign, outlines concrete, actionable policy recommendations to unlock investment. These recommendations were designed with a clear objective to make riskier — but more productive — asset classes more appealing by rewarding investors willing to take that risk. Chief among them is a bold recommendation to provide a preferential capital gains inclusion rate for productive investments, implement a federal tax incentive to break down barriers to inter-provincial capital flow, and a renewed commitment to public-private partnerships like VCCI that crowd in private capital at scale. Small deals dominate Canadian private equity this year OECD predicts Canadian economy will avoid recession, but will see flat growth in 2025 The stakes are high. We are living in a time of global uncertainty but also immense possibility. Canada cannot afford to sit back. The conditions for growth are here. The capital is here. The ambition is here. What we need now is bold, deliberate leadership to unlock it. We've laid a solid foundation, so why stop now? This isn't the time to ease up — it's the time to scale up. Kim Furlong is the CEO of the Canadian Venture Capital and Private Equity Association. She will be stepping down from the organization on July 2. Sign in to access your portfolio
The Star
27-05-2025
- Business
- The Star
Proposal to not exempt tax on cross-border e-commerce goods in Vietnam
VCCI believes that the drafting agency should consider applying a comprehensive import tax policy, without exemptions or reductions for imported e-commerce goods. - Photo: HANOI: The Vietnam Chamber of Commerce and Industry (VCCI) has called for clearer regulations on import tax for goods traded via e-commerce. In a recent move, the VCCI submitted its comments on the draft decree concerning customs management of e-commerce imports and exports to the Ministry of Finance (MoF). Evaluating the regulation on import tax exemption for orders with a value of VNĐ1 million (US$40) or less, VCCI said that this mechanism was not really suitable, creating inequality with domestically-produced goods. First, the value of each e-commerce order is often low, mostly not exceeding VNĐ1 million. For example, more than 324.1 million imported products were sold through Shopee last year, generating revenue of VNĐ14.2 trillion, or an average value of only about VNĐ43,682 per product. Thus, the regulation on the tax exemption threshold of VNĐ1 million means that most imported e-commerce goods will not be subject to import tax. Second, domestic manufacturing enterprises must pay import tax on input materials, while imported e-commerce goods are completely exempted. This creates inequality in tax policy, giving foreign goods a competitive advantage. The VCCI believes that the drafting agency should consider applying a comprehensive import tax policy, without exemptions or reductions for imported e-commerce goods. However, the development of import tax policies for e-commerce goods will face many challenges, including the difficulty in applying HS code regulations as for traditionally imported goods for e-commerce goods. The diversity of goods via e-commerce can lead to large-scale difficulties in accurately determining HS codes, delaying customs clearance and delivery, and even leading to order cancellations, causing damage to both sellers and e-commerce platforms. The tax exemption threshold of VNĐ1 million was essentially based on the principle that the administrative costs for low-value goods could far exceed the amount of tax collected, emphasised VCCI. To solve this problem, international experience showed that it was necessary to simplify the tax schedule for e-commerce goods. For example, HS codes (codes for classifying goods in import and export) can be grouped into a number of 'goods baskets' according to industry groups or uses. Each 'basket' corresponds to a specific tax rate. For example, basket one includes clothing, footwear, textiles, bedding; basket two includes electronic devices such as computers, phones, headphones. In this way, businesses can easily classify goods instead of having to determine specific HS codes for each individual product. Canada has applied this form since 2012, using three groups of goods to replace nearly 5,400 HS codes. Therefore, VCCI recommended that the drafting agency consider amending the regulations on import tax on goods via e-commerce in the direction of building a simplified tax rate schedule and applying it to all orders, regardless of value. - Vietnam News/ANN
Herald Sun
18-05-2025
- Business
- Herald Sun
Backroom Baz: Dan Andrews' team throws city gath without him
Time flies when you're having fun. It's already been a year since the mighty team behind Daniel Andrews joined forces to start a new consultancy, and what a party they threw to celebrate. Andrews' former chief of staff Lissie Ratcliffe, her deputy Jessie McCrone, ex strategy guru Ben Foster, and one longtime spin doctor formed FMRS Advisory last year to flog their corporate and government knowledge to cashed up clients. After what Baz is told was a slow start to get up and running they must be doing OK, given the swish party at QV's No Vacancy Gallery on Wednesday. It was a who's who of Labor-aligned politicos from Lord Mayor Nick Reece to MPs Danny Pearson, Michaela Settle and Belinda Wilson. VCCI boss Paul Guerra was there as were a slew of former advisers to top ministers including Lisa Neville, Tim Pallas and Martin Pakula. Royal Children's Hospital comms boss Kog Ravindran was among the crowd as was current staffers from Jactina Allan's office. One person noticeably absent from the do? Dan himself. Which made Baz feel better for not getting an invite. Maybe next year. Jaclyn goes green for maiden budget When she delivers her first budget this week, Jaclyn Symes will be only the second of our top bean counters to be granted permission of the lower house to appear in its glorious green chamber to do so. Symes is just the second upper house MP to hold the position, following Brumby government treasurer John Lenders. Manager of government business, Mary-Anne Thomas, said she was looking forward to welcoming Symes. 'I will reflect that I am a person that normally does not really welcome those from the other house into this place,' she said. 'I think that this is the people's house and that we are the engine of government here in the Legislative Assembly. 'The house of review does its job, but seriously we are the people on the ground every day responding to the needs of our constituents. However, in this case, I want to make an exception because I do very much look forward to welcoming our Treasurer.' Baz is told it's still to be decided whether Jac will be allowed to bring her knife in, or be forced to leave it at the door. Watch this space. Unearthing the past The federal election might be over, but Baz couldn't let this one go. First-time Labor candidate Tully Fletcher ran a troubled campaign in the Bass Coast seat of Monash, which led to a rare swing towards successful Liberal candidate, Mary Aldred. But why? Could it have been locals unearthed some of his controversial statements: like publicly describing Hillary Clinton's personality as being akin to a mythical creature renowned for its unpleasant stench, comparing Julia Gillard to a character from TV show Yes Minister and sternly criticising the party's factional system? The comments were made in newspaper editorials he co-authored when he was a law student and co-editor of the Australian National University student newspaper, Woroni. Mr Fletcher declined to comment this week, including on whether his comments about Ms Clinton were sexist. 'It's a no comment from me,' he said. Mr Fletcher and his co-editor also called for Australia to dump the Royal Family, calling the Monarchy 'patently ridiculous'. Mr Fletcher's view on the monarchy was in stark contrast to the people he sought to represent on the Bass Coast, who in 1999 voted overwhelmingly in favour of retaining the monarchy. Mr Fletcher was, until the campaign, working as a director at consultancy firm Deloitte. Before that he worked as a staffer to Andrews government minister Martin Pakula. He declined to comment on his future plans. $600k annual pay salary up for grabs It's been a couple of weeks since Victorian Chamber of Commerce and Industry boss, Paul Guerra, announced he was moving on to greener pasture with Melbourne Football Club. So it begs the question, who will fill the big shoes and flash jackets he'll leave at VCCI's Collins St headquarters? Former Property Council head turned podcaster Danni Hunter's name keeps getting mentioned, as does that of Committee for Melbourne boss Scott Veenker. Long running VCCI chief of staff, and sometime acting boss, Chanelle Pearson, is also considered a contender, if only an outside chance. Baz is told the field of candidates is growing slowly, but among the small grouping there is some fierce competition for the coveted job which boasts access to Melbourne's top movers and shakers, and a $600,000 annual pay packet to boot. Nice work if you can get it. Great debate back for more Spring St's newest and greatest annual event is back. After the huge success of the inaugural Great Debate between pollies and journalists last year, it's back for a second go in what has become one of the Victorian Parliament's most anticipated nights. Baz can hardly think of a better way to raise money for charity. Last year more than $15,000 was raised for the Lions V District Skin Cancer van which provides a free skin testing service across the state. This year all funds will go to Need for Feed to support drought-stricken farmers. The question? That AI politicians would be better than real politicians. The Australian Financial Review's Sumeyya Ilanbey, ABC's Raf Epstein and 3AW's Tom Elliott will take on minister Gabrielle Williams, the Liberal Party's David Hodgett and Jade Benham from the Nationals. Baz reckons the debate is fast on its way to becoming Spring St's own entertainment and networking opportunity with charity the big winner. Tickets here. Credlin: Why didn't the Libs call out Labor's super tax? Read related topics: Daniel Andrews
The Star
09-05-2025
- Business
- The Star
More clarity needed to ease investment procedures in Vietnam
VCCI's research found that investors frequently struggle to navigate overlapping and frequently amended laws. — VNA/VNS HANOI: Administrative bottlenecks continue to burden investment projects, despite recent reforms aimed at streamlining procedures, according to the Vietnam Chamber of Commerce and Industry (VCCI). At the launch of its 2024 Legal Development Report, VCCI highlighted the 'green-lane' investment mechanism as a rare positive development in an otherwise complex regulatory landscape. The streamlined process was introduced to amend the law on investment, and came into force earlier this year. Under the mechanism, investors are required to complete only two procedures: obtaining an investment registration certificate and an environmental permit. Other approvals, including those for construction, fire safety and technology assessment, are handled post-licensing. According to the law's drafting committee, the process cuts administrative time by up to 260 days, reducing it to just 15 days. However, the green-lane route is currently limited to certain sectors and geographic areas, such as industrial parks and high-tech zones. Nguyen Thi Dieu Hong, legal expert at VCCI's Legal Department, noted that even this significant time saving only serves to highlight the scale of delays under the standard process. 'For a typical land-use project, an investor must complete at least 15 separate procedures in the preparation phase alone,' she said. 'These involve multiple laws, on investment, land, construction, environment, planning, fire prevention, and require working with agencies at both the central and local levels.' Despite government efforts to decentralise, many projects still need approval at both levels, further complicating implementation. VCCI's research found that investors frequently struggle to navigate overlapping and frequently amended laws. A single project may fall under 12 laws and 20 decrees or circulars, in addition to local rules. 'There is no single legal document that clearly outlines the steps and procedures for implementing a project,' Hong said. 'Investors must interpret everything themselves, which is particularly challenging for newcomers or foreign businesses,' she added. Some procedures, such as land auctions or selection of investors through bidding, lack clear deadlines and depend entirely on local decisions, according to the research. Others, such as environmental impact assessments, have defined time frames, but delays are common and often ripple through other dependent procedures. Hong added: 'Our surveys show that for land-use projects, the process typically takes between 18 to 24 months if things go smoothly. On average, it takes two to three years just to complete administrative requirements before project implementation can begin.' The burden of complex procedures is reflected in the 2023 Provincial Competitiveness Index, which surveyed 10,000 businesses. The report found that 73% of enterprises had postponed or cancelled business plans due to difficulties with land-related procedures. The findings also revealed that 64% of firms experienced delays beyond legal timelines, and 44% pointed to excessive delays in land valuation. — Viet Nam News/ANN
