Gov’t Proposes US$2.81 Billion Tax Reduction-Exemption Package for 2022

8:23:15 AM | 1/5/2022

The Government has proposed a package on reduction and exemption of tax and land use fees worth VND 64 trillion (US$2.81 billion) for 2022.

This is part of the Government’s fiscal and monetary measures submitted by Minister of Planning and Investment Nguyen Chi Dung to the National Assembly on Tuesday, with an aim to facilitate post-pandemic recovery and socio-economic development in 2022 and 2023.

If approved by the legislative body, the Government will cut 50 percent of environmental protection tax and slash value-added tax by 2 percent to 8 percent from the current 10 percent.

In addition, the Government planned to reduce land-use fees by 30 percent as having been applicable in 2021, and registration fee for domestically-assembled cars by 50 percent.

It will also set aside VND 176 trillion from the central budget for development investment in modernizing grassroots healthcare system, regional disease control centers, central level hospitals, and other public investment projects.

Total funding for the implementation of these measures amounts to VND291 trillion, according to the minister.