30 business fees and charges worth around VND1 trillion (US$43 million) will be reduced to support businesses and individuals. — Photo chinhphu.vn

The ministry issued Circular No 47/2021/TT-BTC on June 25 to reduce 30 business fees and charges worth around VND1 trillion (US$43 million), effective from July 1 to December 31, 2021.

Specifically, 29 items have been omitted since 2020 and the first six months of 2021, and one more additional reduction recently took effect for the agricultural sector.

Of which, business registration fees are cut by 70 per cent; and corporate information disclosure rates are reduced by 67 per cent. Appraisal charges for granting of amendments and supplements for postal operation licences are reduced by 50-70 per cent.

Fees for granting operation licences for credit institutions, appraisal charge rates for construction investment projects and 20 out of 22 fees and charges in the securities sector are reduced by 50 per cent.

From January 1, 2022, the charge and fee rates specified above shall comply with the original circulars.

The policy is aimed to reduce the financial burden for domestic industries affected by the pandemic, according to the ministry.

It said at present, the pandemic continues to impact countries worldwide and also Vietnam, disrupting the global supply chain and affecting economic development.

Global economic development is forecast to be continuously affected by the pandemic throughout 2021. Many domestic industries and sectors face difficulties, so production and business activities of enterprises are stagnant, especially businesses in the sectors of tourism, aviation and transportation.

Therefore, the ministry has continued to issue circular 47 based on the Resolution No 124/2020/QH14 of the National Assembly on the socio-economic development plan in 2021 and the Government's Resolution No 01/NQ-CP dated January 1, 2021 on the main tasks and solutions to implement this socio-economic development plan and the state budget estimates in 2021.

According to those resolutions, ministries, sectors and localities promulgate and implement specific policies in line with the developments occurring in the year to remove difficulties and support businesses and people affected by the pandemic.

Previously, due to the impact of COVID-19, the finance ministry issued Circular 112/2020/TT-BTC to reduce 29 fees and charge by 50-100 per cent from January 1, 2021, until the end of June 30, 2021.

They included a 50-per cent reduction in the citizen identification fee, a 30-per cent reduction in fee rates of the health sector, reduction of 10-30 per cent in road usage fees for passenger vehicles, and a 10-per cent reduction in fee rates relating to food hygiene and safety.

Source: Vietnam News

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