What does the Ministry of Finance say about the 46% corresponding tax rate?

Deputy Director of the Department of Tax, Fee and Charge Policy Management and Supervision (Ministry of Finance) Truong Ba Tuan said that this is a very high tax rate, which will negatively affect businesses, especially industries with a large proportion of exports to the US, such as electronic components, textiles, and footwear.

Deputy Minister of Finance Nguyen Duc Chi chaired the press conference. Photo: HT

Previously, in order to proactively and flexibly adapt to developments in the macro-economic situation, the world situation and economic growth targets, the Ministry of Finance reviewed all import tax rates stipulated in the preferential import tax schedule, thereby advising the Government.

On March 31, 2025, the Government issued Decree 73/2025/ND-CP amending the preferential import tax rates of a number of items in the Preferential Import Tariff Schedule in Decree 26/2023/ND-CP, which significantly reduces the import tax rates of a number of groups of items that Vietnam's major trading partners are interested in, including the United States.

This Decree reduces import tax on 16 groups of goods such as automobiles, agricultural products, some wood products...

This tax rate adjustment is aimed at trying to balance the trade balance with major partners, as well as helping domestic businesses and consumers access diverse markets at lower costs.

Also related to this issue, Deputy Minister of Finance Nguyen Duc Chi hopes that the reciprocal tax rate just announced is the maximum level, and the specific level can be considered. At the same time, he said that Vietnam has proactively reviewed and adjusted imported goods towards trade balance.

Deputy Minister Nguyen Duc Chi said that everyone wants to move towards a trade balance in the direction of development and the parties involved are persistent in finding a solution to share with the US partner, which means increasing turnover without increasing taxes so that consumers of both countries can benefit.

Regarding private economic development, Deputy Director of the Department of Private Enterprise and Collective Economic Development (Ministry of Finance) Bui Thu Thuy said that the Ministry of Finance was assigned to research and develop a Resolution on mechanisms and policies for breakthrough development of the private economic sector.

To draft the Resolution, the drafting agency held many working sessions to listen to the opinions of businesses. Through the working sessions, it was found that many issues raised by businesses needed to be resolved, such as institutional and legal difficulties.

In the resolution, institutional reform continues to be emphasized to ensure fair access to land and resources; at the same time, there are strong policies for business households, clearer legal regulations and more transparent operations, closer to the business model...

Regarding the project to issue government bonds in foreign currency in the domestic market, a representative of the Ministry of Finance said that the Ministry was assigned to study this project to prepare for the possibility that the need to use the budget for investment increases.

However, the domestic government bond market is operating effectively, so the above project is still under research and will be reported to competent authorities for implementation when necessary.

At the press conference, Deputy Director of the Tax Department (Ministry of Finance) Mai Son gave 3 notes to people to automatically refund personal income tax (PIT).

Firstly, people need to install and use the eTaxMobile application to promptly update information on tax obligations (information on sources of income, deducted tax, personal income tax declaration and settlement obligations, tax obligations for non-agricultural land use tax; information on land financial obligations, etc.).

Second, fully update personal identification information, including information of dependents. This update helps the Tax sector's data system synchronize data with the National Population Database, thereby minimizing errors in data synthesis and optimizing automatic tax refund processing efficiency.

Third, in case people change information on the "Suggested Personal Income Tax Finalization Declaration", the system will automatically check and compare the difference between self-declared data and data compiled by the tax authority to support the review, inspection and quick processing of records, thereby ensuring the time to process personal income tax refund records according to legal regulations.

Source: https://hanoimoi.vn/bo-tai-chinh-noi-gi-ve-muc-thue-doi-ung-46-697784.html