Deputy Minister of Finance Vo Thanh Hung told a government press conference on August 3 that based on the market situation, the Ministry will propose cuts to VAT and excise taxes to help reduce gasoline prices.
The Ministry of Finance (MoF) has affirmed that the storage of goods in bonded warehouses can be extended for up to 12 months from the date the end of Covid-19 is announced, allaying concerns among businesses about having to destroy goods at the end of the original storage period if they face difficulties. Under regulations, Covid-19 can only be declared to have ended when no new cases are recorded for 28 days.
According to the Ministry of Finance (MoF), when unusual fluctuations appear in gasoline prices, many countries around the world cut VAT and excise tax rates and even introduce subsidies to help citizens. However, for many reasons, Vietnam has only reduced environmental protection taxes.
The Minister of Finance has issued Official Letter No. 3849 to People’s Committees in centrally-run cities and also provinces on the prevention of tax losses in business activities and transfer activities in real estate. The Ministry of Finance is now reviewing legal documents relating to real estate for possible amendments and supplements, to ensure consistency with other legal documents.
In order to support businesses and individuals, the Ministry of Finance (MoF) has proposed reducing land and water surface rentals by 30 per cent this year, costing VND3.5 trillion ($152.7 million). It is also drafting a Decree on extending the deadline for paying value added taxes, corporate income taxes, and personal income taxes. The total amount of taxes and land and water surface rentals to be extended or reduced will be around VND137 trillion ($5.9 billion).
The Ministry of Finance (MoF) is advising the government on a stimulus package with interest rate support totaling about VND20 trillion ($879.54 million) per year and an implementation period of two years, Minister of Finance Ho Duc Phoc told the National Assembly (NA) on November 9. He also proposed an increase to public debt levels so there are funds to support lending interest rates for businesses.
To help businesses resume production, the Ministry of Finance (MoF) has proposed temporarily waiving late payment penalties on the underpayment of corporate income tax (CIT) in the first three quarters of the year.
The Ministry of Finance (MoF) announced five Vietnamese public accounting standards on October 29, creating the basis for the country to increase its credit rating. It will issue 16 more between now and 2024.
Under the Ministry of Finance (MoF)’s public administration reform plan for the 2021-2025 period, it will strengthen the application of information technology and also work to improve the level of customer satisfaction over the handling of administrative procedures to at least 90 per cent.
