Four policies to support those affected by Covid-19
Could you explain the formulation of the Resolution of the National Assembly Standing Committee on issuing solutions for tax exemption and reduction to support businesses and people affected by the Covid-19 pandemic?
After receiving the Prime Minister's conclusion at the Government’s regular meeting on the draft resolution according to Notice 209 of the Government’s Office dated August 5, 2021, the Ministry of Finance has urgently completed the draft resolution dossier and send it to the Ministry of Justice for consultancy, as well as collect and explain the opinions of the Government members to finalise the draft resolution in accordance with regulations of the Law on Promulgation of Legal Documents.
On August 13, the Government submitted an Official Dispatch to the National Assembly Standing Committee for comments and adoption of the resolution according to the one-session process.
The Ministry of Finance is also developing a draft decree guiding the implementation of the resolution to ensure the implementation after the resolution is passed.
The draft decree must minimise administrative procedures and comply with the law on administrative procedures to create the most favourable conditions for taxpayers.
Could you specify more about the policies to support people and businesses proposed in the draft resolution?
The draft resolution sets out four policies.
Specifically, continue to reduce 30% of corporate income tax payable in 2021 for businesses, cooperatives, deliver service units and other organisations as applied in 2020.
Three groups of policies proposed by the management agency for the first time since the Covid-19 pandemic appeared in Vietnam, including 50% reduction in personal income tax, value-added tax and other taxes arising from production and business activities in the third and fourth quarters of 2021 for business households and individuals;
30% reduction in tax rates and percentages of value added tax for fields heavily affected by the pandemic such as tourism; transportation; accommodation, food service; sports, amusement and entertainment; composing, art; press, television; libraries, archives, museums and other cultural activities.
Exemption of late payment interest arising in 2020 and 2021 for firms and organisations suffering continuous losses from 2018 to 2020.
It is estimated that budget revenue may fall about VND20 trillion.
In addition to the policies in the draft resolution, is there any other support during this period?
In addition to the above draft resolution, the Ministry of Finance also proposed the Prime Minister a 30% reduction in land rent in 2021 for those impacted by the pandemic.
Policy forum targets SMEs affected by COVID-19 |
Thus, the total amount of fees, charges, land rent reduced and exempted according to support policies for businesses and people is estimated at more than VND138 trillion.
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