Attending the conference were representatives of the Economic and Budget Committee, the Provincial People's Council, and provincial departments and branches; enterprises with domestic and foreign investment capital, and industry associations in the province.
Overview of the conference
The conference aimed to gather opinions from industries, relevant subjects, and experts on developing a global minimum tax policy to be applied from 2024, including Regulating aggregate minimum taxable income; Regulating taxable profits below a minimum level; Regulating minimum tax withheld at source; standard domestic minimum additional tax to ensure Viet Nam's legitimate rights and interests, creating a level of trust between enterprises and the Government, so that enterprises continue to invest and expand investment in Viet Nam. Thereby, demonstrating progress and transparency in the tax management system and business investment environment, approaching international standards. At the same time, it ensures the competitiveness and attractiveness of Viet Nam's environment. In particular, focusing on prioritizing projects with advanced technology, new technology, high technology, clean technology, modern management with high added value, and a spillover effect connecting the production chain and global supply.
The conference received 15 comments.
Regarding the global minimum tax of the draft Resolution on the application of additional corporate income tax according to regulations to combat global tax base erosion, delegates commented that the Resolution should clarify the difficulties in converting financial accounting standards; transitional provisions; propose to extend the standard time. It is necessary to clarify the principles of non-retroactivity so that existing enterprises know what preferential policies they are entitled to, avoiding affecting the State's reputation with investors. The Resolution needs specific regulations on each field, especially for specific agricultural fields; needs to give enterprises the right to choose support methods, as well as implementation terms, so that enterprises can perform most conveniently and must have detailed terms, etc.
Representative of the Japan Business Association contributes comments
Regarding the draft Resolution on the pilot application of investment support policies in the high-tech sector, delegates suggested the need to rebuild the scope of the application, as well as the subjects of the application, to suit domestic and foreign enterprises. For our country, agriculture is a specific field, the Resolution needs to clearly stipulate the content of investment support and support costs. In particular, most of our country's enterprises produce ancillary products, so the Resolution needs to supplement support policies for ancillary products. Every year, the Government needs to publish a list of high-tech products for enterprises to know and apply. The Resolution should have preferential policies for investors in industrial park infrastructure, export processing zones, high-tech parks, etc.
Giving general comments on the two Resolutions, the delegates said that the Resolution needs to carefully review the Regulations to avoid conflicts of law with the Codes.
Enterprise representative in the province contributes comments
Speaking in conclusion, Ms. Nguyen Thi Ngoc Xuan said that the majority of delegates agreed on the need to present two draft Resolutions at the 6th Meeting of the 15th National Assembly. The delegation noted the delegates' comments and will compile a report to the National Assembly Standing Committee.