By 2030, tax policies in Vietnam shall be adjusted according the following manner:
- For value-added tax: Broaden tax base by reducing categories of goods and services not subject to value added tax and categories of goods and services subject to the 5% VAT rate; strive for the only one tax rate to be applied basically; study the roadmap for increase in value added tax rate;
- For special consumption tax: Review and study any amendments and supplements to taxable items or objects to regulate consumption according to the manner of protection of public health and environment; develop a roadmap for increase in taxes on tobacco, beer and alcohol products; review any adjustment in rates of the special consumption tax on a number of items to suit socio-economic condition in the 2021 - 2030 period;
- For import and export duty: Continue to reduce the number of tax rates to create a more simplified import tariff, strive to reduce the number of import tax rates from 32 at present to about 25 by 2025, and to 20 by 2030;
- For corporate income tax: Review and amend or abolish tax incentives, including tax exemption and reduction, that no longer satisfy development and international integration requirements; minimize the integration of social policies with tax exemption and reduction policies; grant corporate income tax incentives to small and extra-small enterprises;
- For personal income tax: Additionally review taxable items; study any amendments and supplements aimed at adjusting the amounts and tax rates suitable to taxable income according to the nature of each type of income, imposing simple conditions in personal income tax finalization;
- For severance tax: Study any changes in regulations, taxable prices, and taxable natural resource outputs; amend the framework, rates and exemption and reduction of severance tax towards ensuring transparency and clarity;
- For property-related taxes: Continue to grant exemption from agricultural land use tax until the end of 2025. Complete general review reports on implementation of non-agricultural land use tax policies. On such basis, study and complete these tax policies with a view to levying more taxes on land and home.
- For environmental protection tax: Study and expand items or objects of environmental protection tax on goods causing environmental pollution; study adjustment to the environmental protection tax framework and rates to ensure that the environmental protection tax policy is an important economic tool that contributes to limiting the import, production and use of goods polluting the environment.
This Decision takes effect from the date of its signing.
|Published||Vietlaw's Newsletter No. 561|