The Prime Minister of Vietnam to request effective implementation of the policy of extending, exempting, and reducing taxes

The Prime Minister of Vietnam to request effective implementation of the policy of extending, exempting, and reducing taxes

Specifically, the Prime Minister of Vietnam asked to continue to focus on tasks, such as:

- The State Bank of Vietnam has made many efforts to contribute to controlling inflation and directing to lower the operating interest rate, but the interest rate level is still high. Especially for timely lending, interest rates are still high, regulations on accessing capital are still difficult, support packages for disbursement are slow, etc.

Requirements for the State Bank of Vietnam:

+ Continue to drastically direct the review and direct the commercial banking system to reduce costs, apply digital transformation, enhance effective management, reduce administrative procedures, and promote innovation... to continue to reduce lending interest rates practically to the right subjects to solve difficulties for production and business, especially in terms of supply chain disruptions and rising production costs; to contribute to a harmonious, reasonable, and effective combination between cheap labor and low-cost capital, contributing to reducing costs, enhancing the competitiveness of enterprises, and creating conditions for enterprises to develop both in breadth and in depth.

+ Continue to review credit packages of VND 40,000 billion and VND 120,000 billion with more timely, favorable, open, flexible, feasible, and reasonable loan conditions; at the same time, strengthen supervision and inspection to prevent policy profiteering and law violations.

- Request the Ministry of Finance of Vietnam:

+ Urgently inspect, evaluate, and urge the General Department of Taxation to immediately, without delay, guide the dossiers for consideration and application for value-added tax refund quickly, promptly, and effectively for people and businesses. (completed by May 28, 2023);

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

More details can be found in Official Telegram 470/CD-TTg dated May 26, 2023.

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