Considering tax increases for securities and real estate in Vietnam

Considering tax increases for securities and real estate in Vietnam

The National Assembly of Vietnam assigned the Government to elaborate tax increases for securities and real estate transactions and report to the National Assembly Standing Committee for consideration and decision.

At the closing session of the first extraordinary meeting on January 11, the resolution on fiscal and monetary policies to support the program of socio-economic recovery and development received the approval of 424/426 delegate.

Support policies The program has a large enough scale and resources, affecting both the supply side and the demand side; have central and central goals, identify the right subjects that need support to solve urgent problems, avoid spreading and wasting resources associated with the responsibilities of organizations, individuals, heads and committees and authorities at all levels.

Supporting policies and solutions must be feasible, timely and effective, mainly implemented in 2022 and 2023 with an appropriate roadmap to improve capacity in COVID-19 prevention and control, recovery and social economic development; The given resources can be disbursed and absorbed quickly.

The view agreed by the National Assembly is to effectively mobilize, allocate and manage resources; reasonable balance among regions, regions, localities, fields and priority subjects; easy to implement, easy to check, monitor and evaluate; fighting negativity, corruption, group interests, policy profiteering; ensure efficiency, fairness, publicity and transparency.

The resolution also clearly states the objectives and targets when promulgating this special policy, which is to restore and rapidly develop production and business activities, promote growth drivers, and prioritize a number of industries and sectors. In important areas, strive to achieve the target of the period 2021 – 2025: average growth of 6.5 – 7%/year, public debt targets below the warning level allowed by the National Assembly in Resolution No. 23/2021/QH15, the unemployment rate in urban areas is below 4%; maintaining macroeconomic stability, ensuring major balances in the medium and long term.

Reduce costs, support cash flow, ensure initiative, create favorable conditions for businesses, economic organizations and people.

Effective prevention and control of COVID-19; ensuring social security and people’s lives, especially workers, the poor, the disadvantaged, those heavily affected by the epidemic, ensuring national defense, order and social security.

Consideration on increasing securities tax in Vietnam

With this resolution, the National Assembly assigned the Government to urgently promulgate solutions to implement fiscal, monetary and other policies within its competence as prescribed by law to implement the Program; guide the organization and implementation of the mechanisms specified in this Resolution in association with specific responsibilities, to ensure that no exploitation of policies, group interests, loss or waste occurs.

In administering and directing the mobilization, allocation, management and use of resources, it must be economical and efficient, consistent with the progress of implementation and disbursement of projects and expenditure tasks under the Program; closely monitor macro indicators to take timely solutions to ensure macroeconomic stability and major balances, with particular focus on inflation and bad debt targets; strive to increase revenue and save expenses; reducing overspending to achieve the targets in the National Financial Plan and borrowing and repaying the 5-year public debt in the 2021 – 2025 period; in case of major changes or risks, the Government shall promptly report it to the National Assembly for consideration and decision.

The Government is also assigned to direct the development of a plan for allocating state budget estimates and supplementing the 2022 public investment plan for programs and projects under the Medium-term Public Investment Plan for the 2021-2025 period and projects under the Program (including contents on Social Policy Bank, Tourism Development Support Fund); report to the Standing Committee of the National Assembly for consideration and decision on the allocation and allocation of additional estimates according to regulations before the Government allocates and assigns additional estimates and additional public investment plans in 2022.

Directing the development of a plan to increase charter capital from after-tax profits, after setting aside funds for the period 2021 – 2023 for joint-stock commercial banks where the State holds more than 50% of charter capital and from the state budget. State policy for the Bank for Agriculture and Rural Development.

The next request to the Government is to, based on the principles and criteria specified in this Resolution, urgently review and complete the list of projects using the Program’s funds, report to the National Standing Committee before allocating capital.

Ensuring the harmonization of public investment capital in the Medium-term Public Investment Plan for the period of 2021 – 2025 and public investment capital in the fiscal and monetary policies supporting the Program to prioritize capital for key projects, has the effect of spreading, linking regions, promoting growth, and being able to attract capital.

Submitting to the National Assembly and Standing Committee of the National Assembly for consideration and decision to supplement the state budget estimate and public investment plan according to regulations to speed up the progress and complete the disbursement of the Program’s capital in 2022 – 2023; ensure capital sources for the implementation and completion of component projects in the East North-South Expressway construction project in the 2021-2025 period.

Implement synchronously, timely and effectively the main tasks and solutions of the Program. During the administration process, continue to balance the central budget to supplement resources to implement the Program in accordance with actual conditions; promptly implement solutions to mobilize the maximum reasonable resources for the Program, the resolution clearly states the requirements to the Government.

Still according to the resolution, the Government also has the task of flexibly adjusting the spending tasks of the Program in accordance with current law provisions for the contents under its authority. For matters falling within the competence of the National Assembly, it must be reported to the National Assembly for consideration and decision; In urgent cases, in the time between two sessions of the National Assembly, it shall report to the National Assembly Standing Committee for consideration and decision and report to the National Assembly at the nearest meeting.

The resolution also assigns the Government to proactively and expeditiously promulgate and organize the effective and synchronous implementation of the COVID-19 epidemic prevention and control program and relevant regulations; cut, reduce, simplify administrative procedures, improve investment and business environment; focus on solving problems on mechanisms, policies and laws related to social housing and worker housing; adopt breakthrough policies, give priority to encouraging innovation, digital transformation, digital economy, green economy, circular economy associated with sustainable development.

Considering a plan to allow enterprises to be additionally deducted at a certain rate on the basis of actual expenses when calculating corporate income tax, applicable to costs of creating fixed assets and labor costs; The plan to increase taxes on securities and real estate transactions and report to the National Assembly Standing Committee for consideration and decision is also the task assigned by the National Assembly in the resolution.

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