Propose amendments to some tax laws to make them more practical
According to Mr. Truong Ba Tuan - Deputy Director of the Department of Tax Management and Supervision, Fees and Charges (Ministry of Finance), recently, in the context of many difficulties in the economy, the Ministry of Finance has advised all authoritative levels and promulgates many policies to exempt, reduce, and extend many taxes, fees, charges, and land rents to support citizens and businesses.
The latest report from the Ministry of Finance shows that in September, the Tax and Customs authorities continued to implement policies to exempt, reduce, and extend taxes, fees, charges, and land rents issued to support businesses and citizenz. The total amount of exemptions, reductions, and extensions is estimated to be about 152.5 trillion VND by the end of September (exemptions and reductions are about 49.6 trillion VND; extensions are about 102.9 trillion VND).
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| In 9 months, 152,5 trillion VND in taxes, fees, charges and land rent has been expemted, reduced and extended for businesses. |
"Currently, the Ministry of Finance is conducting an overall assessment of the implementation to advise the Government and the National Assembly on future solutions" - Mr. Truong Ba Tuan said. Recently, based on the regular Government meeting in September 2023 and implementing the recovery policy, the Prime Minister assigned the Ministry of Finance to continue researching and reducing environmental protection taxes on gasoline and oil, and research and submit to the National Assembly to continue reducing value added tax by 2% by 2024. The Ministry of Finance is conducting procedures to implement.
The personal income tax (PIT) deduction for family circumstances was an issue questioned by reporters at the Ministry of Finance’s press conference. Regarding this issue, the representative of the Department of Tax Administration and Supervision, Fees and Charges said that the National Assembly issued the Law on Personal Income Tax in effect from 2009 until now (amended and modified in 2012, 2014), making this tax more modern and comprehensive.
Notably, from the 2020 tax period, the deduction level for taxpayers has increased from 9 million to 11 million VND/month (132 million VND/year). Mr. Truong Ba Tuan also affirmed that the authority to regulate as stipulated in the law belongs to the National Assembly Standing Committee. The Ministry of Finance has closely monitored and proposed according to regulations. When CPI fluctuates more than 20%, adjustments are proposed, not laws. The Law on Personal Income Tax will be proposed to amend many overall issues in the near future.
“Regarding the overall program and implementation of the project to develop laws and ordinances of the 15th National Assembly, the Ministry of Finance has reported to the Government the results of the overall review of tax laws, the Government has reported to the National Assembly, including some major orientations on amending the Law on Personal Income Tax, according to the roadmap for implementing the Tax System Reform Strategy to 2030. The Ministry of Finance has submitted to the Government to amend two laws, the Law on VAT and Special Consumption Tax" - Mr. Truong Ba Tuan provides more information.
Manage the Price Stabilization Fund strictly and transparently
Responding to some comments related to the use of the Petroleum Price Stabilization Fund, Mr. Pham Van Binh - Deputy Director of the Price Management Department said, Decree No. 95/2021/ND-CP dated Novenber 1, 2021 of the Government amending and supplementing a number of articles of Decree No. 83/2014/ND-CP dated September 3, 2014 on petroleum trading clearly stipulates that wholesale petroleum traders must deduct, account and separately monitor the Price Stabilization Fund in an account opened at a bank.
Major petroleum traders take responsibilities before the law for preserving fund balances in accordance with regulations. For Hai Ha Co., Ltd. as well as other focal enterprises, account numbers and balances must be reported to the Ministry of Finance and the Ministry of Industry and Trade. Regarding the activities of Hai Ha Co., Ltd., the Ministry of Finance has sent a document to the State Bank, and at the same time coordinated with relevant departments and branches to handle it. The competent management agency will have specific conclusions and announcements on this issue.
Regarding the formation of the Price Stabilization Fund, the fund is formed at the enterprise at the same time as the enterprise's business license, because this is a special fund. The Ministry of Finance regularly inspects and supervises the fund, with monthly and quarterly summaries published on the mass media. The Ministry of Finance continues to coordinate closely with the Ministry of Industry and Trade to supervise, strengthen inspection, supervision and handle violations. "In the coming time, the Ministry of Finance will continue to proactively coordinate with the Ministry of Industry and Trade to find solutions and ways to operate the Price Stabilization Fund effectively" - Mr. Pham Van Binh said.
Regarding this issue, Deputy Minister of Finance Nguyen Duc Chi added that the appropriation, formation and management of the Petroleum Price Stabilization Fund has been fully implemented, from building the legal framework, management and supervision. Recent developments in the management and use of Funds by businesses have posed to management agencies the issue of strictly and transparently managing the formation and use of funds. Leaders of the Ministry of Finance have directed the Price Management Department to coordinate with management agencies to review and grasp actual developments to propose to competent authorities or resolve within the Ministry's authority.
“Currently, the Ministry of Industry and Trade is being assigned by the Government leaders to amend and supplement Decree No. 95/2021/ND-CP dated November 1, 2021 of the Government amending and supplementing a number of articles of Decree No. 83 /2014/ND-CP dated September 3, 2014 on petroleum business, including the management of the Petroleum Price Stabilization Fund. The Ministry of Finance will have many contributions on this issue to send to the Ministry of Industry and Trade, then submit to the Government. Inadequacies will be amended and supplemented to manage the Price Stabilization Fund strictly, effectively, transparently and for the right purpose" - Deputy Minister Nguyen Duc Chi said./.
