Further tax and fee concession currently under consideration to assist people and businesses

Further tax and fee concession currently under consideration to assist people and businesses in Vietnam (Internet image)

Regarding this issue, LawNet answers as follows:

On January 5, 2024, the Government issued Resolution 01/NQ-CP, stipulating the main tasks and solutions to implement the socio-economic development plan and state budget estimates for 2024.

Further tax and fee concession currently under consideration to assist people and businesses in Vietnam

Emphasizing that 2024 is a year of acceleration and breakthrough, of particular importance in successfully implementing the 5-year socio-economic development plan 2021-2025, Resolution 01/NQ-CP sets out 12 main groups of tasks and solutions that need to be focused on implementation.

In particular, the first group of tasks and solutions is to prioritize promoting economic growth, maintaining macroeconomic stability, controlling inflation, and ensuring major balances.

Specifically, the Government requires synchronous, harmonious, flexible, and strict coordination of policies; which continues to operate a proactive, flexible, timely, and effective monetary policy and a reasonable, focused, and focused expansionary fiscal policy and other policies, contributing to macroeconomic stability, supporting economic growth, stabilizing the currency market, foreign exchange, and banking system.

Flexible, harmonious, and reasonable management of interest rates and exchange rates in accordance with the market situation, macroeconomic developments, and monetary policy goals.

At the same time, implement credit solutions in accordance with macroeconomic developments, inflation, and the capital needs of the economy; Direct credit institutions to direct credit to production and business sectors, priority sectors, and economic growth drivers; Credit control for potentially risky areas.

Encourage credit institutions to reduce costs, simplify lending procedures, and strive to reduce lending interest rates to support the economy; Continue to implement solutions to increase access to credit capital for businesses and people, limit, and soon end "black credit".

Strengthen financial discipline and the state budget; Strictly manage state budget revenue and refund taxes in accordance with regulations; Thoroughly save expenditures, especially recurrent expenditures, in 2024 by cutting and saving 5% from the beginning of the year on recurrent expenditure estimates compared to assigned estimates.

Notably, the Government also requires continued research and implementation of policies on exemption, reduction, and extension of taxes, fees, charges, and land rent to support people and businesses.

Besides, strengthen trade promotion and continue to diversify export markets, products, and supply chains. Strengthen the quality inspection of imported goods.

Promote the development of the domestic market and strive for an increase in total retail sales of goods and consumer service revenue of about 9%. Closely monitor the market situation and implement measures to ensure the balance of supply and demand for goods, especially during holidays and the New Year...

Accelerate the implementation and disbursement of public investment capital from the beginning of 2024, especially key projects of national importance, highways, inter-regional, coastal, and national target programs; strive to disburse over 95% of the assigned plan; Strengthening decentralization and decentralization associated with improving the responsibility of leaders in deciding investment policies, project investment decisions, and the disbursement of public investment capital; Resolutely not spread investment, eliminate projects that are not really necessary, and transfer capital from projects that cannot be disbursed to projects that can be disbursed, avoiding waste and ineffectiveness.

In addition, innovate in the content and methods of advertising and promoting tourism. Strive to welcome 18 million international tourists by 2024 and serve 110 million domestic tourists.

More details can be found in Resolution 01/NQ-CP, issued on January 5, 2024.

Nguyen Ngoc Que Anh

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