More than 55 trillion VND (2.33 billion USD) has been disbursed so far to financially support people and enterprises hurt by the COVID-19 as part of the national socio-economic recovery and development programme, according to a report by the Ministry of Planning and Investment.
The Vietnam Chamber of Commerce and Industry (VCCI) recently sent an official dispatch to the Ministry of Finance, suggesting changes to tax policies to support sectors hit by the COVID-19 pandemic.
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.
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.
The Vietnam Association of Securities Businesses (VASB) may propose market regulators reduce trading taxes for investors, according to its general secretary Nguyen Thanh Ky.
The Ministry of Finance (MoF) is proposing a regulation that exempts micro and small enterprises from corporate income tax for two years after they have sufficient income subject to taxation.
The Ministry of Finance has promised to study and report to the Government recommendations by the Vietnam Association of Mechanical Industry (VAMI) on policies to promote domestic automobile production.
More Vietnamese in urban areas plan to buy cars this year after the tax rate of complete built-up units imported from ASEAN countries fell to zero percent from January 1, experts from the Auto Purchase Index of Financial Times Confidential Research (FTCR) said.
Vietnam’s import tax on complete built-up units from ASEAN was reduced to zero percent as from Jan. 1 this year. The accord helps reduce the prices of imported cars, meeting consumers’ aspiration.
Special consumption tax must be adjusted to avoid a serious budget deficit when fuel import tax is cut in line with various trade agreements Vietnam has signed.
The Government will submit a tax reduction plan to the National Assembly this month, which aims to meet a target of increasing the number of efficient enterprises nationwide to one million by 2020.
Entrepreneurs are hailing a national plan to reduce corporate income tax for small- and medium-sized enterprises from 20 percent to 17 percent starting next year.
The Prime Minister agreed to support a request by Binh Son Refining & Petrochemical Co Ltd to adopt a more favourable policy to help its Dung Quat oil refinery compete with imported petroleum products
A seminar was held in Ho Chi Minh City on August 19 to discuss measures that domestic enterprises can apply to minimise impacts and optimise benefits from the Vietnam-EAEU FTA.
Society
