Update news tax cut
Though automobile prices have fallen to unprecedented low levels, auto showrooms remain deserted with just several visitors and no buyers, while car dealers spend their time surfing the internet.
The Ministry of Finance (MoF) is drafting a proposal to reduce fees by 20 to 50 per cent for four transport types to help the sector recover.
Petrol prices fell further from 3pm on July 21 after the latest review conducted by the Ministry of Industry and Trade and the Ministry of Finance.
Although the price of petrol has fallen since July 11, several business associations and agencies proposed reductions in taxes and fees to support businesses because of unpredictability and fluctuations in gasoline prices.
The tax payment extension, which is not expected to reduce state budget revenue, will help enterprises have capital for production and business.
Calls have been made for tax cuts to stabilise domestic fuel prices as global oil prices see continual increases.
Prime Minister Pham Minh Chinh has decided to reduce land rent by 30 percent for those affected by the COVID-19 pandemic this year.
Vietnam posted a State budget surplus in the first half of 2021 as revenue outpaced spending despite Covid-19 raging in many parts of the nation, according to the Ministry of Finance.
As many as 70,200 businesses halted their operation for a definite time, stopped operation while following procedures for dissolution, and completed procedures for dissolution in the first half of the year.
Businesses may have several additional months before they have to pay income tax and land use fees, said a proposal by the Ministry of Finance (MoF) to the Government.
The new decree, according to experts, has yet to fully solve the inadequacies of the old regulation on the loan interest deductibility cap.
The car market has recovered recently, though sales are not as good as the same period last year. The demand for both new and used cars is increasing, and the prices are escalating.
Businesses following the sharing economy model are facing problems in tax declaration. Because of the lack of regulations, the taxation body may be taxing inaccurately or missing taxpayers.
The Ministry of Planning and Investment (MPI) is drafting a plan on solutions to take full advantage of the opportunities to be brought by the investment relocation wave after Covid-19 to develop supporting industries