Tax exemption and extension for businesses and people worth more than 193 trillion VND

In 2023, the Ministry of Finance has advised and proposed to the National Assembly, the Government, and the Prime Minister to issue many policies on tax, fee, charge, and land rent exemption, reduction, and extension with a scale of about 200 trillion VND. To date, the total amount of tax, fee, charge, and land rent exemption, reduction, and extension for businesses and people is about 193.4 trillion VND.

The total amount of tax, fee, charge and land rent exemption, reduction and extension for businesses and people is about 193.4 trillion VND.

The Ministry of Finance said that as of December 25, state budget revenue reached 1,693.5 trillion VND, up 4.5% compared to the estimate; of which the central budget increased by 4.6%; the local budget increased by 4.4%. In 2023, the total amount of tax, fee, charge and land rent exemption, reduction and extension for businesses and people is about 193.4 trillion VND.

Regarding state budget expenditure, it is estimated that by December 31, expenditure reached about 1.73 million billion VND, equal to 83.4% of the estimate; of which, development investment expenditure is estimated at 79.8% of the estimate decided by the National Assembly, equal to 81.9% of the plan assigned by the Prime Minister, an increase of 144 trillion VND (33%) over the same period in 2022; Regular expenditure is estimated at 90.3% of the estimate, ensuring timely and full payment of due debts, funds for salary reform from July 1, 2023 (about 470 trillion VND of the budget at all levels has been allocated to implement salary policy reform), and implementation of issued social security policies.

The balance of the central budget and local budgets at all levels is ensured. As of December 25, 2023, VND 296.7 trillion of government bonds have been issued, equal to 74.2% of the annual plan; the average issuance term is 12.54 years, the average interest rate is 3.21%/year, contributing to offsetting the budget deficit and repaying the principal debts of the central budget due.

Regarding the corporate bond market, the Ministry of Finance has submitted to the Government Decree 08/2023/ND-CP, creating a legal basis to remove difficulties for enterprises in issuing and paying bonds at maturity, restoring market confidence, and ensuring the rights of bondholders. Since July 2023, the Private Corporate Bond Trading System has been officially put into operation, thereby contributing to facilitating investors, increasing publicity, transparency, and warning of risks in the market.

By December 25, 2023, 78 enterprises had issued bonds with a volume of VND 245.9 trillion (down 27% compared to the same period in 2022); the volume of bonds bought back before maturity was VND 230.2 trillion, up 5.8% compared to the whole year of 2022. In terms of investor structure, mainly institutional investors accounted for 93.2% (of which commercial banks accounted for 54.5%), individual investors bought 6.8%.

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