Soon to report and submit documents to the authorities to apply the global minimum tax in Vietnam

Soon to report and submit documents to the authorities to apply the global minimum tax in Vietnam (Internet image)

The content is mentioned in Resolution 97/NQ-CP on the regular Government meeting in June 2023 and the Government-local online conference in Vietnam.

Soon to report and submit documents to the authorities to apply the global minimum tax in Vietnam

The Government of Vietnam assigned the Ministry of Finance to assume the prime responsibility for, and coordinate with agencies and localities in:

- Strengthen the management of state budget revenues, ensuring correct, adequate, and timely collection; thoroughly save expenses, cut down on regular expenses that are not necessary. Effectively implement policies on the extension and reduction of taxes, fees, charges, and land rents that have been issued. Speed up the refund of value-added tax for businesses and individuals.

- Continue to research and propose policies and solutions to support fiscal policy; propose competent authorities to increase resources for infrastructure investment and development in the coming years, but this does not affect the safety of public debt, government debt, or foreign debt of the country associated with effective capital use.

- Implement effective measures and solutions on price management and administration, price stabilization, and the market, especially for essential consumer goods and services; focus on information and communication work to provide timely and transparent information, contributing to creating social consensus on price management, stabilizing consumer psychology. Urgently and effectively handle the shortcomings and inadequacies of the corporate bond and insurance markets.

- Report soon to the Government and the Prime Minister to submit to the competent authorities the application of the OECD's global minimum tax before July 13, 2023.

The Ministry of Industry and Trade shall assume the prime responsibility for, and coordinate with agencies and localities in:

- Implement synchronous and drastic solutions to develop the domestic market, stimulate consumption demand, diversify forms of purchase and promotion, and implement the campaign "Vietnamese people prefer to use Vietnamese goods", ensuring the supply and demand of goods, especially essential goods.

- Step up trade promotion and expand export markets, especially new markets with great potential; maintain and strengthen traditional markets; and support and overcome the lack of export orders. Effectively implement signed Free Trade Agreements (FTAs), promote negotiation of new FTAs.

- Promptly overcome shortcomings and limitations in direction and administration, ensuring stable and continuous electricity supply, serving the production and business of enterprises, and the daily lives of people, especially during the hot season. Urgently complete the elaboration of the Implementation Plan of Power Master Plan VIII and submit it to the Prime Minister before July 15, 2023.

Soon complete the direct electricity purchase and sale mechanism, the self-consumption rooftop solar power development mechanism, the pilot assignment to state corporations and corporations to develop offshore wind power, the treatment plan, and remove obstacles related to the planning location of Ninh Thuan 1 and 2 nuclear power plants in accordance with the direction of the Prime Minister. Actively grasp the situation and take measures to ensure a sufficient supply of petroleum for the domestic market in all situations.

- Receive and explain appraisal opinions from the Ministry of Justice; finalize the draft Decree amending and supplementing Decree 95/2021/ND-CP and Decree 83/2014/ND-CP on petroleum trading, submitted to the Government before July 15, 2023.

- Urgently complete and report to the competent authorities according to regulations on the treatment plan for the Phuong Nam pulp factory project in July 2023.

More details can be found in Resolution 97/NQ-CP issued on July 8, 2023.

Duong Chau Thanh

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