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Thursday, July 25, 2024

Early response to new tax policies

By An Nhien

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The National Assembly has decided to amend three significant tax laws: Corporate Income Tax, Value Added Tax, and Special Consumption Tax, with changes set to take place this year and the first half of next year. With the general direction of expanding the tax base and adding more taxpayers, it is possible that the tax burden on businesses will increase, necessitating early response scenarios. During the final day of the first session of the National Assembly (NA)’s seventh sitting last weekend (June 8), the legislature approved the legal agenda for 2025 and modified the legal agenda for 2024. Accordingly, the draft amended Law on Value Added Tax (VAT) will first be debated at this sitting and approved at the sitting later this year in October. The draft amended Law on Corporate Income Tax and the draft amended Law on Special Consumption Tax will be presented to the NA at the sitting in October this year and approved at the sitting in May next year. The NA debate indicates that amending these tax laws is necessary to address inadequacies in reality and to improve the tax collection policy. All the three tax laws have significant impacts on society, the economy, and […]
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