To urgently finalize the National Assembly's Resolution on the value-added tax reduction policy in Vietnam

To urgently finalize the National Assembly's Resolution on the value-added tax reduction policy in Vietnam (Internet image)

On May 7, 2023, the Government issued Resolution 74/NQ-CP at the April 2023 Regular Government Meeting.

To urgently finalize the National Assembly's Resolution on the value-added tax reduction policy in Vietnam

The Government of Vietnam requested the Ministry of Finance to urgently coordinate with the Ministry of Justice, ministries, and agencies in completing the dossier of the National Assembly's Resolution on the value-added tax reduction policy, ensuring progress and quality. .

Thereby, completely dealing with problems and inadequacies in the delay of VAT refund ensures the legitimate interests of enterprises in accordance with the provisions of law.

In addition, the Ministry of Finance of Vietnam shall assume the prime responsibility for, and coordinate with agencies and localities in performing a number of tasks as follows:

- Focus on developing and finalizing the draft Decree extending the deadline for paying excise tax on domestically manufactured and assembled cars, and submit it to the Government before May 20, 2023.

- Urgently research and propose competent authorities to consider registration fee incentives for domestically manufactured and assembled automobiles in accordance with the Government's direction in Resolution 31/NQ-CP and Resolution 50/NQ-CP.

- Continue to research, urgently review, and advise competent authorities to amend the tax law and state budget in the context of applying the global minimum tax.

- Timely have effective solutions to promote the development of a healthy and sustainable stock market; soon complete a report on the situation of the corporate bond market in 2023, promptly propose practical, feasible, and effective solutions to completely handle existing problems and limitations.

- Expeditiously guide the determination of funding sources to solve financial problems for agro-forestry companies that have dissolved but are unable to pay during the arrangement, ensuring compliance with regulations and Conclusion No. 82-KL/TW dated July 29, 2020 of the Politburo.

- Urgently submit to the Government, the National Assembly Standing Committee, and the National Assembly the draft Law on management and use of state capital invested in production and business at enterprises (amended) in accordance with the direction of the Prime Minister and the Standing Committee of the National Assembly, promptly remove difficulties and obstacles, and free up resources for state-owned enterprises.

Proposal to amend Decision 24/2017/QD-TTg on the mechanism for adjusting the average retail price of electricity in Vietnam

According to Resolution 74/NQ-CP, the Ministry of Industry and Trade of Vietnam shall preside over and coordinate with agencies and localities to focus on implementing the following main contents:

- Finalize the Electricity Master Plan VIII and submit it to the Prime Minister before May 10, 2023, for consideration and approval. Urgently study and propose amendments and supplements to Decision 24/2017/QD-TTg on the mechanism for adjusting the average retail electricity price in the second quarter of 2023.

- Actively plan the production and operation of the power system to meet the consumption demand in the upcoming hot and sunny peak season.

- Direct the Vietnam Electricity Group to develop an action program to save electricity nationwide.

- Continue to implement solutions to diversify export markets; search for and expand new markets, including potential markets such as the Middle East, Latin America, the Halal market, niche markets, etc.; and have solutions to restore and boost exports to large and traditional markets, especially the US, EU, China, Japan, Korea, and ASEAN markets.

- Maximize benefits of new generation FTAs, of which Vietnam is a member. Promote import and export activities through cross-border e-commerce.

- Focus on advising and proposing effective and synchronous solutions and policies in production management and product quality improvement; expanding modern distribution channels; stimulating consumer demand; developing the domestic market; strengthening market management; fighting against smuggling, commercial fraud, and counterfeit goods.

- Assume the prime responsibility for, and coordinate with the Ministry of Public Security and the Ministry of Information and Communications in, directing the Vietnam Electricity Group to ensure safe and reliable electricity supply according to the roadmap to deploy national data centers and regional data centers according to the information and communication infrastructure planning for the period of 2021–2023, with a vision to 2050 of the Ministry of Information and Communications.

More details can be found in Resolution 74/NQ-CP dated May 7, 2023.

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