Vietnamese game firms have called on the Ministry of Finance (MOF) to rethink the intention to impose luxury tax on games, saying that the tax will cause Vietnamese games to lose competitiveness and the home market controlled by pirated games.

The impacts of the imposition or increases of special consumption tax on several products must be studied carefully to ensure State budget revenue and the development of production and business, experts said.

The Ministry of Finance (MoF) has just announced the reduction of the gasoline import tax to 5.62 per cent while increasing the standard cost of the gasoline base price by VND30 per litre.

Businesses are expecting another VAT reduction of 2 per cent from this month, along with clear guidance documents to ensure favourable implementation.

It is urgent for Vietnam to amend the regulations on personal income tax (PIT), which have proven to be outdated and weighing on people, especially those struggling to make ends meet in major cities.

The 15th National Assembly (NA) has decided to continue the reduction of the value added tax (VAT) by 2%, from July 11 through December 31, 2023.

The Government just issued Decree No. 36 extending the time limit for paying excise tax on domestically manufactured or assembled cars.

The application of global minimum corporate tax from the beginning of 2024 is expected to be an effective tool to prevent transfer pricing and tax evasion, thus helping to increase State revenue through additional tax collection.

Foreign suppliers have paid more than 7.36 trillion VND (312.8 million USD) worth of taxes through an electronic portal dedicated to them from March 21, 2022, according to the General Department of Taxation (GDT).

With the National Assembly set to reduce VAT from 10 to 8 per cent for six months from July 1, some of its deputies argue that the tax cut should be bigger and last longer to support individuals and businesses in the current difficult times.

Experts have called on to immediately amend the personal income tax (PIT) law which is no longer suited to new circumstances with goods prices increasing sharply.

The time frame should be extended to 2024 to give the economy more time to absorb the fiscal stimulus

Prime Minister Pham Minh Chinh has ordered the Ministry of Finance (MOF) to streamline value added tax refund procedures to aid enterprises and residents.

The ministry suggested that the policy, expected to boost the economy, should be applied until December 31.

Businesses applauded the Government’s decree on tax payment deadline extension which helps them to have capital for maintaining production and ensuring workers’ benefits.

State Budget would lose VND35 trillion (US$1.5 billion) in the last six months of 2023 should the bill pass in the NA.

The Ministry of Finance (MoF) has again proposed that a special consumption tax be imposed on sugary drinks, excluding milk and nutritional drinks, in the latest draft amended Law on Special Consumption Tax.

National Assembly Chair Vuong Dinh Hue has requested consideration of a suggestion to add banking, securities and real estate businesses to the list of business fields subject to a reduction of the value-added tax (VAT) from 10 percent to 8 percent.

Experts believe that exempting or reducing personal income tax (PIT) will help attract specialists and scientists to work for hi-tech zones.

The government is drafting a National Assembly resolution on slashing the value added tax to 8% from the current 10% to support businesses and people.