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Wednesday, June 19, 2024

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The tax reform plan

Three key tax laws are set to undergo revision and supplementation this year, namely the Corporate Income Tax Law, Value Added Tax Law, and Special Consumption Tax Law. According to the Ministry of Finance, these proposed amendments are slated to enter the legal agenda in 2024. Specifically, the draft revisions for the Corporate Income Tax (CIT) Law and the Special Consumption Tax (SCT) Law are expected to be deliberated in the National Assembly in October 2024, with approval anticipated by May 2025. Meanwhile, the draft revision for the Value Added Tax (VAT) Law is scheduled for consideration in May 2024 and approval in October 2024. Given their significant impact on society and the economy, these tax laws have garnered considerable attention from the public and businesses alike. While some sectors stand to benefit from the proposed tax policy changes, others may face challenges, particularly in terms of increased production and business costs, as the aim is to broaden the tax base and add new taxpayers. For instance, the proposed expansion of taxable items to include sugary drinks, malt beverages, non-alcoholic drinks, and online electronic games under the amended SCT law is expected to place additional pressure on producers and businesses […]
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