The Ministry of Finance's main office in downtown Hanoi. (Photo: VNA) However, the ministry's proposal did not include a value-added tax(VAT) reduction of 2%, which it said has been challenging and complicated toimplement.
In the MoF's latest proposal to the government, businesses,household businesses and individuals were to continue to enjoy a 30% cut inland-use fees in 2023, on top of an extension on their tax duties.
"The ministry supports the government's policy to givebusinesses more time to meet their financial duties and a 30 % reduction inland-use fees as parts of an effort to support businesses," Minister ofFinance Ho Duc Phoc said.
Phoc said key priorities for the government this year includespeeding up the disbursement of public investment projects, injecting cash intothe economy and helping improve businesses' performance.
"Improved performance will help reduce the unemployment rate,boost budget collection and solves various socio-economic related issues,"he added.
A series of measures, including VAT slashed from 10% to 8% andreduction of land-use fees, worth a total of 223 trillion VND last year, havereceived positive feedback from the business community and boostedeconomic recovery after the pandemic.
In addition, the government, in an attempt to rein in inflationand boost economic recovery, has cut the environmental tax on fuel from 20% to10%, a large number of administrative fees and rolled out numerous e-governmentprojects.
In an interview with the Vietnam News Agency (VNA), the ministersaid the finance ministry has been working around the clock to bringstabilisation back to the stock market with key focuses on solving issuesrelated to corporate bonds and improving transparency and legalframeworks.
Economists, however, have voiced concerns about the country'seconomic prospects in 2023, saying the country will likely experience a shortperiod of low growth, inflation and increased risks to its financial system./.
VNA
