Research and develop the Law on Property Tax project in Vietnam

Research and develop the Law on Property Tax project in Vietnam (Illustrated)

Specifically, in order to carry out the task of restructuring the state budget, the Government of Vietnam requires the Ministry of Finance of Vietnam to assume the prime responsibility for, and coordinate with other ministries, branches, and localities in:

+ Study and develop a draft Law on amendments and supplements to the Law on Value-Added Tax and report to the Government for submission to the National Assembly of Vietnam for consideration and promulgation in the period of 2023 - 2025.

+ Study and develop a draft Law on amendments and supplements to the Law on Corporate Income Tax and report to the Government for submission to the National Assembly of Vietnam for consideration and promulgation in the period of 2023 - 2025.

+ Research and develop a Property Tax Law Project for submission to the National Assembly of Vietnam for consideration and promulgation in the period 2023-2025.

+ Study and develop a draft Law on amendments and supplements to the Law on Special Consumption Tax and report to the Government for submission to the National Assembly for consideration and promulgation in the period of 2023 - 2025.

+ Continue to improve the tax policy system in conjunction with the restructuring of state budget revenues in the direction of covering all revenue sources; expanding the revenue base, particularly new sources of revenue, in accordance with international practices; ensuring a reasonable proportion of domestic revenue; the ratio of indirect tax to direct tax; well exploiting taxes, fees, and charges from property and natural resources; and protecting the environment.

Minimize the integration of social policies in taxes and exemption and reduction policies; ensure tax neutrality, move towards a synchronous tax system, have a sustainable structure; ensure reasonable mobilization of resources for the state budget; at the same time, contribute to creating a favorable and fair investment and business environment by encouraging investment, promoting competition, regulating income reasonably and suitable to the process of integration and development of the economy.

In addition, besides the task of restructuring the state budget, the Program also sets out a number of other tasks, such as:

+ Restructure public investment;

+ Restructure the system of credit institutions;

+ Restructure public service units.

For details, see Resolution 54/NQ-CP, effective from April 12, 2022.

Bao Ngoc

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