Resolution 10-NQ/TW marks a significant reset of Vietnam’s foreign investment strategy, introducing broad reforms to create a more unified and effective framework for attracting foreign capital.
There is an urgent need for ASEAN member states to work towards an agreement not to circumvent the global minimum tax (GMT) as countries begin to adopt the tax, according to Malaysian Deputy Investment, Trade and Industry Minister Liew Chin Tong.
Facing adverse impacts of the COVID-19 pandemic and the world’s economic and political issues, the Ministry of Finance (MoF) has suggested authorities promulgate and issued many unprecedented solutions in terms of taxes, fees, and charges to assist people and businesses, including those from the Republic of Korea (RoK), an official has said.
The Ministry of Planning and Investment (MPI) has put up for public comments a draft decree on an investment support fund as a solution to attract strategic investment in the context that Vietnam is adopting the Organisation for Economic Cooperation and Development (OECD)’s global minimum tax.
Deputy Prime Minister Tran Luu Quang has asked ministries, sectors and localities to promptly implement solutions to strengthen foreign investment attraction, according to a document released by the Government Office.
Vietnam will set up a support fund to encourage and lure strategic investors and multi-national groups, making it more attractive in attracting foreign direct investment, as the National Assembly recently approved a resolution on applying additional corporate income tax in accordance with the Global Anti-Base Erosion Rules (global minimum tax).
The National Assembly (NA) on November 10 listened to the proposal on a draft resolution on the imposition of top-up corporate income tax under the Global Anti-Base Erosion (GloBE) rules, and a verification report on this draft.
Indonesian Investment Minister Bahlil Lahadalia confirmed that his government will keep granting tax holidays to attract foreign investors so long as the global minimum tax (GMT) policy is not yet rendered, local media has reported.
Luu Duc Huy, Director of the Tax Policy Department under the General Department of Taxation, has shared with the press about what Vietnam should prepare in response to the global minimum tax.
The Ministry of Planning and Investment (MPI) is working on the design of incentives and measures to support new investment activities amid the upcoming application of the global minimum tax.
Vietnam needs to fully and comprehensively assess the impacts of the global minimum tax on the country, said Minister of Finance Ho Duc Phoc on April 18.
