To expeditiously refund value-added tax for people and businesses in Vietnam

To expeditiously refund value-added tax for people and businesses in Vietnam (Internet image) 

The Government of Vietnam issued Resolution 88/NQ-CP on June 8, 2023 regarding the online regular Government meeting in May 2023 with the locality.

To expeditiously refund value-added tax for people and businesses in Vietnam

Specifically, the Government of Vietnam requested the Ministry of Finance to promptly refund value-added tax to people and businesses in accordance with the law, without delay or affecting the legitimate interests of enterprises; strictly and promptly handle acts of harassment, causing difficulties and negative effects.

At the same time, we also focus on implementing the following main contents:

- Strengthen the management of state budget revenues and expenditures; ensure correct, sufficient, and timely collection, expand the revenue base, especially from e-commerce and digital platforms; prevent tax loss; radically cut regular expenses, spending tasks are not really urgent.

Effectively implement policies on extension, exemption, and reduction of taxes, fees, charges, and rents approved by competent authorities, and continue to promptly propose policies if there is room left.

- Expeditiously complete the Government's draft Decree on registration fee rates for domestically manufactured and assembled automobiles.
in the direction of reducing 50% of the registration fee for automobiles manufactured and assembled in the country and applied from July 1, 2023, to the end of 2023.

Report to the Government before June 15, 2023, for consideration and promulgation before July 1, 2023, according to the shortened order and procedures;

At the same time, report to the Government and the competent authorities on the application of the OECD's global minimum tax and appropriate, necessary, and effective preferential solutions.

- Report to the Prime Minister before June 15, 2023, on the overall plan for operating fiscal policy in the current situation under the direction of the Government in Resolution 50/NQ-CP in 2023.

Calculating the appropriate level, term, form, and method of capital mobilization to stimulate economic growth and ensure the mobilization of capital from the central budget to cover overspending and repay principal according to actual arising needs, effectively using loan capital and the ability to repay loans, and stabilizing, safe and sustainable national finance.

- Closely monitor the situation of the corporate bond market, especially issuers with large issuance volumes and difficulties in payment of principal and interest due in 2023.

Completing the report on the situation of the corporate bond market in 2022–2023 and proposing practical, feasible, and effective solutions in order to completely handle existing problems and limitations, submit them to the Prime Minister before June 15, 2023.

Ensuring a stable power source for production and daily life in the hot and sunny peak season in Vietnam

According to Resolution 88/NQ-CP, the Government of Vietnam requested the Ministry of Industry and Trade to focus on performing the following tasks:

- Focus on effective implementation of Power Planning VIII; proactively regulate and ensure a stable power source for production and daily life in the peak season of heat and heat, and overcome electricity shortages; review, guide, and soon grant operation permits for eligible renewable energy projects in order to soon put these projects into operation in the spirit of harmonizing benefits and sharing risks.

- Continue to implement solutions to diversify markets, products, and supply chains for exporting products with strengths, potentials, and advantages; promote the signed Free Trade Agreements (FTAs); accelerate negotiations and sign FTAs with Israel and with other partners: UAE, MERCOSUR, etc.;

Proactively inform, warn, guide, and support enterprises to promptly respond to trade remedy lawsuits, new standards, and techniques of exporting partner countries (such as the automobilebon border adjustment mechanism (CBAM), EU non-deforestation related goods, etc.).

- Effectively implement policies to stimulate consumer demand, develop trade and the domestic market, promote the application of e-commerce, and develop logistics services to support enterprises and improve the competitiveness of exported goods.

Improve the efficiency of market management and fight against smuggling, commercial fraud, and counterfeit goods.

- Implement synchronous and effective solutions to ensure the supply of gasoline and oil for the domestic market in all situations and control gasoline prices in accordance with regulations.

More details can be found in Resolution 88/NQ-CP dated June 8, 2023.

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