To review and reduce taxes, fees, and charges to support people and businesses in Vietnam

Hi Lawnet. Currently, is there any direction on reducing taxes, fees and charges to support people and businesses in Vietnam? – Cam Van (Hanoi, Vietnam)

To review and reduce taxes, fees, and charges to support people and businesses in Vietnam (Source: internet)

According to Resolution 126/NQ-CP dated September 27, 2022, the government of Vietnam requires the following content:

1. Examine and reduce taxes, fees, and charges in order to help people and businesses in Vietnam

The Ministry of Finance of Vietnam is responsible for, and coordinates with, the following ministries, agencies, and localities:

- Implement the expansionary fiscal policy reasonably, with focus and focus, ensuring efficiency.

- Step up revenue growth, expand revenue collection bases, and strengthen the fight against revenue loss, thoroughly save recurrent expenses, especially non-business expenses of an investment nature, and eliminate expenditures that are not really necessary.

- Continue to direct and review the reduction of taxes, fees, and charges and adopt appropriate policies to support people and businesses to continue to expand production and business activities and create jobs.

- Together with ministries, branches and localities, according to their functions and tasks, to strengthen management and control of prices and markets, especially of essential commodities for production and life; strengthen the prevention and combat of smuggling and commercial fraud.

2. Lower loan fees and interest rates in Vietnam

The State Bank of Vietnam shall assume the prime responsibility for and coordinate with ministries, agencies, and localities in:

- Implement prudent and sure monetary policy, ensuring the initiative, flexibility, efficiency, and close and effective coordination with fiscal policy and other policies to control inflation and stabilize macroeconomic conditions, contributing to growth.

Synchronous coordination of tools and solutions on exchange rates, interest rates and credit growth.

Manage interest rates in line with inflation and domestic and foreign markets; synchronized coordination with flexible exchange rate management, suitable to the market situation and monetary policy objectives; ready to sell intervention when necessary to stabilize the foreign currency market; contributing to stabilizing the macro-economy and controlling inflation.

Promote the implementation of the Government's policy of supporting 2% interest rates, as stated in Decree No. 31/2022/ND-CP; strengthen information and communication work, contributing to social consensus, and improving policy implementation effectiveness.

- Direct and guide credit institutions to continue to innovate technology, improve operational efficiency, administration, reduce costs, conduct research, find solutions to stabilize or reduce costs, and interest rates. loan.

3. Increasing the effectiveness of prevention and combating corruption, negativity, and waste in Vietnam

The government requires ministries, branches, and localities based on their assigned functions, tasks, and powers.

- Thoroughly grasp the viewpoint of directing the macroeconomic management to be proactive, flexible, timely, creative, and effective, suitable to the situation and practical requirements in the direction of:

- Ensure stability in uncertain conditions;

+ Maintain the initiative in the face of complicated and unpredictable developments;

+ Consistency, consistency, appropriateness, effectiveness in the face of fluctuations and multi-dimensional impacts from the world and the country;

+ Manage risks and respond quickly to recession and crisis risks.

+ Build a defense line for international economic cooperation and competition in the context of extensive integration.

+ At the same time, ensure security and safety in terms of money, credit, finance, public debt, food, energy, and information.

- Do well the planning work; review and perfect institutions and laws to remove difficulties for production and business; and well solve arising problems.

Continue to promote the development of agriculture, industry, construction, and services, creating a solid foundation for macro-stability and sustainable development.

Focus is on effectively handling outstanding issues according to the decisions of competent authorities.

- Continue to focus on cultural and social development, environmental protection, social security assurance, and improvement of the people's material and spiritual life;

Promote administrative reform; construct and improve institutions, mechanisms, policies, and laws; strengthen prevention and fight against corruption, negativity, and wastefulness

Preservsociopolite ical stability; bolstering national defense and security; ensuring social order and safety

Encourage digital transformation, green transformation, natural disaster and epidemic prevention and control, and climate change response

- Closely monitor and grasp the situation, strengthen the ability to analyze, forecast, and react to policies quickly and in a timely manner, not to be passive or surprised in all situations. proactive, flexible, and effective in formulating and implementing mechanisms and policies.

Diem My


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