return icon Vietnamnet.vn

Agricultural land tax exemption policy proposed to be extended to 2025

The Government has submitted a proposal to the National Assembly to extend the agricultural land tax exemption policy to the end of 2025 to support farmers and encourage the development of agriculture.

 

 

A field in Long Xuyen Quadrangle. The Government proposed the policy of agricultural land tax exemption be extended to the end of 2025 to encourage agricultural and rural development.

 

 

The Ministry of Finance said an estimated VND7.5 trillion (US$3.2 billion) in agricultural land tax would be exempted every year in the 2021-25 period, which was expected to return to the sector as an investment to expand production, improve productivity and product quality.

The ministry said the agricultural land tax exemption would not cause a drop in State budget revenue because this policy was already implemented from 2001. Under the National Assembly’s Resolution 55/2010/QH12 dated on November 24, 2010, the exemption was set to run until the end of this year.

Over the past two decades, the policy had been proven to help improve farmers’ life and generate jobs for the rural sector, through which, farmers could have the capital to reinvest and apply science and technology in agricultural production.

The policy also encouraged farmers not to leave land deserted and help them feel secure when investing in agriculture.

The Ministry of Finance, however, noted that the land tax exemption alone was not enough, adding that a combination of policies was needed to promote efficient agricultural production.

In addition, the ministry said agricultural land which was used for wrong purposes must be revoked and handed to those who use it efficiently.

Pham Dinh Thi, Director of the ministry’s Tax Policy Department, said the agricultural land tax exemption policy was critical to the sector.

Thi said the exemption was also in line with Viet Nam’s international commitments and international practices.

The ministry’s statistics showed more than 10 million farmers and 6 million hectares of agricultural land enjoyed the exemption each year in 2003-10 with a sum worth an average of VND3.2 trillion in agricultural land tax exempted each year.

In 2011-16, the exemption benefited 12 million farmers and more than 7 million hectares of land. The exempted tax was worth VND6.3 trillion per year.

In 2017-18, more than 12 million farmers and more than 8 million hectares of agricultural land enjoyed the exemption with an average of VND7.4 trillion in tax exempted per year.

The value in 2013-18 totalled VND17 trillion, the finance ministry said, adding that the sum created an important direct financial resource for the agricultural sector. — VNS

Firms demand tax incentives to fight economic downturn

Firms demand tax incentives to fight economic downturn

Capital city-based businesses on Thursday asked for specific tax policies from local authorities as they struggle with the economic downturn caused by COVID-19.

93% enterprises to benefit from cut in corporate income tax

93% enterprises to benefit from cut in corporate income tax

About 700,000 enterprises are expected to enjoy a cut in corporate income tax (CIT) to between 15-17 per cent from July 1 this year, down from the current rate of 20 per cent.  

MORE NEWS

Stormy time for HOSE: network pending, leader disciplined

In 2021, the HCM City Stock Exchange (HOSE) reported a 21-year high profit. However, it was also the year when many problems occurred.

Facebook to register, declare and pay foreign contractor tax in Vietnam

Meta, the parent company of Facebook, on the occasion of the signing of a memorandum of understanding with the National Innovation Center (NIC), made the tax payment commitment.

Prime Minister’s ‘3-in-1’ business trip to the US

The business trip to the US of Prime Minister Pham Minh Chinh has brought important bilateral and multilateral results, according to Deputy Minister of Foreign Affairs Ha Kim Ngoc.

Corporate bond issuance drops sharply after arrest of Tan Hoang Minh chair

After the cancelation of nine corporate bond issuances of three companies related to Tan Hoang Minh, the volume of private offerings fell sharply by 33 percent to VND30 trillion in April.

Why the stock market sell-off when VN’s economy is strong?

Vietnam’s benchmark VN-Index sold off 11 per cent last week and was down 21 per cent in the year to date at the end of last week after being nearly flat until March end.

Two Vietnamese beauties among Top 50 of Miss Grand Slam 2021

Miss Grand Slam, Nguyen Thuc Thuy Tien, Miss Grand International, Nguyen Huynh Kim Duyen, Top 16 finish in Miss Universe

Vietnamese banks expected to get better credit ratings

Ratings of Vietnamese banks are expected to be continually improved thanks to Vietnam’s positive sovereign credit rating.

Vingroup completes issuing international bonds worth US$525 million

Vingroup Joint Stock Company (Vingroup) has completed its bond issuance on the international market with a total value of US$525 million, according to details given by the Hanoi Stock Exchange (HNX).

Deputy Finance Minister Nguyen Duc Chi takes charge of State Securities Commission

Minister of Finance Ho Duc Phoc had assigned Deputy Finance Minister Nguyen Duc Chi to directly take the charge of the State Securities Commission (SSC) from May 19.

Hanoi approves more than 1 billion USD for Ring Road No. 4 project

The Hanoi People's Council for the term 2021 - 2026 on May 20 agreed to spend 23.5 trillion VND (over 1 billion USD) from the city budget for the Ring Road No. 4 project.

Gov't may recall unused funds for public investment projects

Undisbursed funds for public investment projects could be recalled if local governments failed to implement the projects for an extended period of time,

VIETNAM BUSINESS NEWS MAY 20

CPTPP helps leverage Vietnam-Australia investment cooperation

FDI quality in need of fresh policy boost

Despite good performance in foreign investment attraction over the past year, the number of high-tech projects from developed countries investing in Vietnam is modest as compared to the incentives set forth.

VIETNAM NEWS HEADLINES MAY 20

Singapore parliament speaker wraps up visit to Vietnam

HCM City to launch Saigon River cruise

Ho Chi Minh City Department of Tourism is planning to launch a three-hour cruise tour along the Saigon River that is expected to be among key tourism products in the area this year.
back_to_top