The application of the global minimum corporate income tax policy in Vietnam is expected to serve as a catalyst to expedite policy reforms and promote international integration efforts of the country, according to insiders.
Minister of Foreign Affairs Bui Thanh Son is taking part in the Organisation for Economic Cooperation Development (OECD) Ministerial Council Meeting 2023 in Paris on June 7 - 8.
Investment in sectors related to green growth has been on the rise, but it is necessary to devise practical incentives to help businesses effectively adopt green production and business practices, an official has said.
Foreign investors still put their trust in the Vietnamese economy, but it is important to take measures for sustaining the upward trend in foreign direct investment (FDI), an expert has said.
The Ministry of Finance has proposed corporate income tax rate on small and micro-sized enterprises be lowered than the common rate in an effort to support them to overcome the difficult time and promote their development.
Vietnam is studying and adjusting its investment policies to adapt to the global minimum corporate income tax which is scheduled to be applied from 2024, said Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc.
Vietnam has always paid attention to protecting legitimate interests of foreign investors, including Samsung, National Assembly (NA) Chairman Vuong Dinh Hue told Park Hark Kyu, President and Chief Financial Officer of Samsung Electronics Co., Ltd., of the Republic of Korea (RoK).
The value added tax (VAT) will be reduced by 2 percentage points to 8 percent starting this February as part of measures helping taxpayers tackle difficulties.
As the COVID-19 pandemic has seriously impacted the implementation of Vietnam's economic development plans, the National Assembly (NA) and Government have been proactively and urgently deploying stimulus packages to quickly restore the economy and leverage growth.
The Government have issued a host of preferential policies for businesses operating in supporting industries over the past time. However, their beneficiaries have said it is difficult for them to access incentives and support from these policies.
The Ministry of Finance (MoF) is proposing a 30 percent reduction in the corporate income tax which enterprises must pay in 2021 in a draft resolution on budget collection solutions which is to be submitted to the National Assembly’s Standing Committee for approval.
Businesses would be required to use non-cash payments for trading transactions of any value under a proposal submitted to the Government by the Ho Chi Minh City Tax Department.
The Ministry of Finance has submitted a proposal to the Government seeking approval to create a decree expanding the timeframe for tax and land lease payments.
The Government’s recently-issued Decree 132/2020/ND-CP would help prevent transfer pricing and limit thin capitalisation to develop a healthy investment market, Deputy Director of the General Department of Taxation Dang Ngoc Minh said.
The Government's 30 percent corporate income tax cut was a step in the right direction but it could have been more inclusive by offering support to small businesses that were in desperate need of cash due to the difficulties caused by the COVID-19 pandemic, said business leaders and industry experts.
Thousands of businesses will not have to pay for the right to exploit water this year if a plan submitted by the Government is approved by the National Assembly.
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