Monday,  May 21,2018,06:34 (GMT+7)

HCMC to hike taxes, impose new fees next year

Van Nam
Tuesday,  Dec 5,2017,23:46 (GMT+7)
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HCMC to hike taxes, impose new fees next year

Van Nam

<table align="left" cellpadding="0" cellspacing="0" class="sgtoimageleft" style="margin-bottom:8px" width="100%"> <tbody> <tr> <td align="center"> <img alt="" class="sgtoimageleft" rel="POPUP,600,400" src="/Uploads/Articles/57373/9f95c_fee___hdnd.jpg" style="WIDTH: 200px" /></td> </tr> <tr> <td class="sgtoimageleft"> Leaders of the HCMC Party Committee, People&rsquo;s Council and People&rsquo;s Committee talk on the sidelines of the city council meeting on December 4 - PHOTO: VAN NAM</td> </tr> </tbody> </table> <p align="left" class="SGTOSummary"> HCMC &ndash; HCMC will raise special consumption and environment taxes, and impose new fees from mid-2018 to boost its budget revenues, heard a meeting of the HCMC People&rsquo;s Council on December 4.</p> <p class="SGTOContent"> Addressing the sixth meeting of the council, HCMC Party chief Nguyen Thien Nhan said the National Assembly (NA) had issued a resolution approving a pilot special mechanism for HCMC. The NA resolution allows the city to have more decision-making power in areas such as land, investment and budget.&nbsp;</p> <p class="SGTOContent"> To illustrate his point, Nhan said if the city invests around VND1 trillion in infrastructure projects, including those using the local budget, it would still need permission from the central Government. Thanks to the NA resolution, the city can skip this step, thus quickening the investment approval process, he added.&nbsp;</p> <p class="SGTOContent"> As the NA resolution goes into force on January 15, 2018, the HCMC People&rsquo;s Council will work to realize the pilot mechanism, including imposition of additional fees. In addition, the city will consider hiking the special consumption tax on certain products like wine, beer and tobacco, and the environment tax.</p> <p class="SGTOContent"> Nhan asked the city government to present its fee and tax proposals by next June to the People&rsquo;s Council for approval so that the new fees and tariffs can be charged from the middle of next year.</p> <p class="SGTOContent"> According to the HCMC government, its budget collections are put at nearly VND348 trillion this year, up 13% against 2016. As for next year, the city looks to around VND377 trillion in budget revenue, a year-on-year rise of 8.3%.</p>
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