Speaking at a press conference on September 27, the deputy minister said this year’s State budget collection target will be fulfilled, ensuring resources for assigned spending tasks and having reserves to serve unexpected expenditures.

An overview of the press conference.

In the last quarter of this year, the financial sector will continue to carry out its assigned tasks to achieve the highest revenue level, he said, adding that the surplus will be used to meet the needs of investment in infrastructure development and important construction projects.

The official also said that the Ministry of Finance has just completed and submitted to the Government for approval a draft decree regarding the reduction of land rent fees in 2024 to support recovery efforts following Typhoon Yagi. Accordingly, there are two options: a 15% or 30% reduction in land lease.

The beneficiary entities include organisations, units, businesses, households, and individuals who are directly leased land by the state according to decisions, contracts or certificates of land use rights and of ownership rights to residential houses and other assets attached to land.

The decree applies to cases where the lessees are not entitled to enjoy exempted or reduced rental fees, those whose exemptions or reductions have expired, and those currently receiving reductions in rental fees following the Land Law and other relevant laws. The new reduction levels are calculated based on the rental fees payable for this year as stipulated by the law.

Corporate income tax on smaller enterprises might be cut to as little as 15%

The corporate income tax on small and micro-sized enterprises might be cut to 15-17% from a current common rate of 20%, depending on previous revenues.

Vietnamese, Russian taxation agencies ink MoU on cooperation

The General Department of Taxation of Vietnam and the Federal Taxation Service of the Russian Federation signed a Memorandum of Understanding (MoU) on bilateral cooperation in Hanoi on June 20.

Tax, land rent payment deadlines to be extended this year

Payment deadlines for value added tax (VAT), corporate income tax, personal income tax, and land rent in 2024 are set to be extended, involving a total tax value of nearly 84 trillion VND (3.3 billion USD).

Tax sector witnessed 10.7% increase in State budget revenue in first four months

Total State budget collection in the first four months of this year was estimated at 640.29 trillion VND (25.20 billion USD), equivalent to 43% of the yearly projection, representing a year-on-year rise of 10.7%, according to the General Department of Taxation.

TikTok, Facebook, and other foreign service providers pay $575M in taxes

Foreign service providers including Google, Facebook, and TikTok, have paid VND14.572 trillion (US$575 million) in taxes, according to the General Department of Taxation.