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Sunday, September 25, 2022

Tourism ministry proposes extending tax cuts for travel firms

The Saigon Times

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HCMC – Minister of Culture, Sports and Tourism Nguyen Van Hung has proposed the National Assembly and the Government extend the tax and fee reductions for travel firms until the end of 2023 to help them recover post pandemic.

Minister Hung proposed continuing the value-added tax, land rent and corporate income tax cuts for firms in the tourism sector until late 2023, and to reduce power tariffs for hotels and lodging facilities until the end of 2022, the local media reported.

He also proposed extending the deadline of trade union fee payments for six months for travel firms with the number of employees covered by social insurance falling by 15% or above until late 2023.

The leader of the ministry proposed the cities and provinces lower entrance fees at their tourist sites until the end of 2022 to enable tour operators to lower their tour prices.

Hung said local tour operators and employees in the tourism industry were still facing difficulties and had yet to be fully entitled to the incentives issued by the Government.

In the first seven months of 2022, local tour operators served 71.8 million domestic visitors, while revenue from lodging and catering services reached VND325 trillion.

In 2020, the Covid pandemic sent the number of domestic travelers and tourism revenue down 34% and 60% year-on-year, respectively.

The number of domestic tourists in 2021 reached 40 million, down 29% year-on-year, while revenue from tourism amounted to VND180 trillion, down 42%.

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