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Finance Ministry proposes 50% cuts in various fees and charges
(TBTCO) - To assist individuals and businesses, the Ministry of Finance (MoF) has proposed reducing by 10% to 50 % of fees and charges in the securities sector, appraisal of international travel business licenses, issuance of citizen identification cards, and so on. The reductions would be in effect till 31 December 2023.
Notably, the MoF has proposed halving a variety of fees and charges, effective from July 1, 2023, to the end of December 2023. Details are as follows:
 |
| Have some fees and charges in the securities sector |
Regarding the securities sector, the new fees and charges will be lowered by half compared to the prescribed rates in the fee schedule in the securities sector as stipulated in Circular No. 25/2022/TT-BTC, which governs the collection, payment, management, and use of fees in the securities sector. This excludes fees for supervision of securities activities and fees for new issuance, renewal, and re-issuance of certificates for individual securities practitioners at securities companies, securities investment fund management companies, and securities investment companies.
| The estimated worth of fee and charge cuts is about 700 billion VND The MoF proposes to exempt, reduce, and extend taxes, including 35 types of fees and charges with significant remissions, to support individuals and businesses. The reduction in budget revenue from fee and charge cuts is expected to be around 700 billion VND./. |
Concerning the appraisal fees for granting business licenses for international and domestic travel service businesses, the new fees will be cut down by 50% of the fee rates prescribed in Clause 1, Article 4 of Circular No. 33/2018/TT-BTC regulating the fee, payment, and management of appraisal fees for granting licenses in this field. This particularly includes licenses for international travel services, licenses for domestic travel services; appraisal fees for granting tourist guide cards; licenses for the establishment of a representative office in Vietnam for foreign travel service businesses.
Furthermore, the registration (confirmation) fee for using a foreign barcode will be reduced by half compared to the previous fee rates specified in Clause 2, Article 4 of Circular No. 232/2016/TT-BTC, which governs the fee collection, payment, management, and use of fees for issuing barcodes.
In terms of industrial property fees and charges, the new fees and charges will be halved compared to the specified fee rates in Section A of the tariff of industrial property fees and charges promulgated in conjunction with Circular No. 263/2016/TT-BTC governing the collection, payment, management, and use of industrial property fees and charges.
In addition, several other fees and charges have been proposed to be decreased by half, including those for granting licenses for sending employees abroad to work under contracts; for the appraisal and approval of fire prevention and firefighting designs; for issuing citizen identification cards; for livestock, etc.
From January 1, 2024, the aforementioned fees and charges will revert to the original circular's provisions./.
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