Hanoi (VNA) –🐈 Deputy Prime Minister Le Minh Khai has approved reforms to the tax system.
The strategy aligns Vietnam’s tax policy with international practices to meet resource requirements and realise the 10-year socio-economic development strategy to 2030.
It will help stabilise State budget collections from taxes and costs in association with socio-economic development strategies for 2021-25 and 2026-30.
In the initial phase, support will be offered to help businesses and people resume operations after the negative impacts of COVID-19.
Taxpayer satisfaction with tax agencies is hoped to reach at least 90 percent by 2025, and support for people paying taxes electronically to top 70 percent.
At a tax agency (Photo: VNA)
The strategy also looks to fine-tune regulations related to value-added taxes on exports and services, and amend those on tax exemptions and refunds in a simple, transparent and concerted manner with related laws.
It will build a roadmap on adjusting taxes on tobacco and alcoholic beverages and review consumption taxes on products in line with socio-economic conditions for the 2021-30 period.
The strategy will strive to reduce import tariffs to about 25 percent by 2025 and 20 percent by 2030, from the current 32 percent and devise tax incentives for small- and medium-sized enterprises (SMEs).
Furthermore, it will increase taxes on land and houses and impose taxes on sectors that harm the environment./.
The Ministry of Finance (MoF) has proposed the Government cut the most favoured nation (MFN) tariff for unleaded petrol from the current rate of 20 percent to 12 percent.
Vietnam will study the imposition of a tax on homeowners and increase taxes on land to prevent speculation and increase the land-use efficiency, as part of a comprehensive tax reform strategy for 2030 which was approved on April 23.
There are still non-resident traders and service providers who are yet to register, file and pay taxes for doing business on digital platforms in Vietnam, according to the General Department of Taxation (GDT)’s Large Taxpayers Department.
As the aviation and tourism industries have bounced back strongly, the Vietjet Aviation Joint Stock Company kicked off 2022 with great performance, posting a year-on-year surge of 113 percent in pre-tax profit in the first quarter.
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Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
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A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
At a tax agency (Photo: VNA)
