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Thursday, July 25, 2024

Farmland tax exemption proposed

The Saigon Times

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HCMC – The Ministry of Finance has proposed extending the tax exemption for agricultural land use.

Under the proposal sent to the Government, the Ministry of Finance suggests two options regarding the farmland tax exemption period.

The ministry wants the tax exemption period to last five years, from January 1, 2026 to December 31, 2030, or 10 years to January 1, 2036.

According to the ministry, the option of maintaining exemption policy on agricultural land use tax, with the tax exemption period extended for five years seems to be more appropriate as it aligns with agricultural production and the country’s socio-economic development orientation.

It is expected that these initiatives will be submitted to the Government for review before it is presented to the National Assembly Standing Committee in September.

For the 2021-2023 period, the agricultural land use tax exemption amount is around VND7,500 billion per year on average, said the ministry.

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