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| Fiscal policies have supported enterprises and promoted economic growth |
Extending the duration of value-added tax reduction when necessary
The Ministry of Finance has just announced the assignment of units in the Ministry to implement the Government's resolution on tasks and solutions to tackle difficulties for production and business, continue to vigorously reform administrative procedures, and enforce discipline and regulations.
Implementing Government Resolution No. 105/NQ-CP on tasks and solutions to tackle difficulties for production and business, continue to vigorously reform administrative procedures, and tighten discipline and regulations, the head of the Ministry of Finance has assigned specific tasks to the units in the Ministry to urgently implement specific tasks.
The head of the Ministry of Finance has assigned the General Department of Taxation and the General Department of Customs to promptly and effectively implement issued policies to extend, reduce taxes, fees, charges, and land rent.
For the General Department of Taxation, the head of the Ministry of Finance has assigned to lead, coordinate with ministries, sectors, relevant agencies, and localities to promptly review legal regulations on value-added tax refunds for amendments and guidance in necessary cases, creating favorable conditions for fast and streamlined procedures for enterprises, ensuring the fastest value-added tax refunds for enterprises.
In addition, the General Department of Taxation will soon complete the dossier proposing the drafting of the National Assembly's resolution on the application of supplementary corporate income tax, in accordance with the global tax erosion rules, and submit it to the Ministry of Finance for reporting to competent authorities. In the fourth quarter of 2023, the General Department of Taxation must complete the research and propose amendments to Decree No. 132/2020/ND-CP to remove obstacles for enterprises in production related to tax regulation for affiliated transactions, and report to the Prime Minister.
In September 2023, the General Department of Taxation must complete the report to the Ministry of Finance, reporting to the Government on the implementation of the value-added tax reduction policy. In which, the General Department of Taxation coordinates with the Tax Policy Department, the State Budget Department to demonstrate opinions on extending the implementation period of policies in necessary cases.
Besides, the Ministry of Finance also assigns the Tax Policy Department to lead, coordinate with the General Department of Taxation, the General Department of Customs, the State Budget Department, and relevant agencies to continue reviewing and proposing amendments to tax laws to ensure the uniformity and consistency of tax incentive regulations.
The Investment Department, State Treasury is assigned to assist the Ministry of Finance urge relevant ministries, sectors, agencies, and localities to accelerate the progress of accounting, settlement, expenditure control, and disbursement of public investment.
The State Budget Department, the Tax Policy Department, the General Department of Taxation... continue to research and propose policies and solutions to support fiscal policy, without affecting the safety of public debt, government debt, and foreign debt while assuring effective capital utilization.
In October 2023, the Department of Banking and Financial Services and other financial institutions will lead and coordinate with relevant agencies and units to report to the Government on the implementation of Decree No. 65/2022/ND-CP and Decree No. 08/2023/ND-CP, proposing amendments and supplements to regulations on private bond issuance, if necessary, to suit the situation and practical requirements.
Along with that, this unit will calculate the level, duration, form, method of capital mobilization, issuance of government bonds in accordance with the schedule of capital collection, expenditure, disbursement of public investment to stimulate economic growth, ensuring the effective use of borrowing capital, the ability to repay borrowings, and the stability, safety, and sustainability of the national financial system.
Fiscal policies facilitate the economy
In 2023, in order to promptly respond to the difficulties of the economic and social situation, the Ministry of Finance proactively developed various economic growth scenarios; at the same time, it reviewed and calculated in accordance with actual conditions to propose appropriate solutions for reducing, extending taxes, fees, and land rent for 2023. All actions of the Ministry of Finance are directed towards enterprises to overcome difficulties.
It can be mentioned that the Ministry of Finance has proposed to competent authorities to reduce, extend taxes, fees, and land rent for 2023, with a total support package of about VND 198.4 trillion. In which, the amount of exemption and reduction is VND 77.2 trillion and the amount of extension is VND 121.2 trillion.
The Ministry of Finance proposes to the Government to issue Decree No. 12/2023/ND-CP on extending value-added tax payment, corporate income tax, personal income tax, and land rent in 2023, with an amount considered for extension of about VND 110 trillion.
It is worth noting that, with the goal of stimulating consumption, increasing production, and economic development, after obtaining opinions from competent authorities, the Ministry of Finance has proposed to the Government to continue reducing the value-added tax by 2% for groups of goods and services (as applied in Resolution No. 43/2022/QH15 of the National Assembly) that are subject to a value-added tax rate of 10% down to 8%, applied from the date the policy is issued until the end of December 31, 2023. This policy will support citizens and businesses by about VND 24 trillion.
Within its jurisdiction, the Ministry of Finance has issued a circular reducing 35 types of fees and charges, such as fees, charges in the securities, health, citizen identification, construction project appraisal... The time is applied from July 1, 2023, to the end of December 31, 2023, with the reduced amount of fees and charges will reduce the state budget revenue by about VND 700 billion...
According to statistics from the Ministry of Finance, in the past 3 years, the financial support package has amounted to more than VND 400 trillion, helping enterprises, people, and the economy recover and grow sooner.
It can be said that never before has the amount of support for people, businesses, and the economy been as large as in recent years. However, according to Minister of Finance Ho Duc Phoc, maintaining an expanded and flexible financial policy, considering enterprises as the center, will ensure success because this humane policy brings effectiveness to the country's economy./.
