With 429/434 delegates participating in the vote in favor (89.75%), this morning, the National Assembly passed a Resolution on a number of special mechanisms and policies for private economic development.

The Resolution consists of 17 articles, with provisions to institutionalize a number of contents, tasks, and solutions that need to be implemented immediately in Resolution No. 68 of the Politburo on private economic development.

The National Assembly 's passing of the resolution has a great impact on the confidence, production and business activities of the private economic sector.

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The private economy will receive special mechanisms for development. Photo: National Assembly

Previously, in a statement to the National Assembly on the morning of May 16, Minister of Finance Nguyen Van Thang said that policies related to tax and fee incentives are implemented on the basis of "nurturing revenue sources".

The Resolution stipulates corporate income tax exemption for small and medium enterprises for 3 years from the date of first issuance of the business registration certificate.

The Resolution stipulates a 2-year corporate income tax exemption and a 50% reduction in tax payable for the next 4 years for income from innovative start-up activities of innovative start-up enterprises, innovative start-up investment fund management companies, and intermediary organizations supporting innovative start-ups.

Accordingly, these support policies may reduce revenue in the short term, but in the long term, businesses will have the opportunity and conditions to expand production and business, contribute to the state budget and the development of the socio-economy.

The Resolution also clearly states the abolition of lump-sum tax for business households from January 1, 2026.

Some opinions say that eliminating lump-sum tax for business households may create a compliance burden when business households convert to operating under the enterprise model and have to declare taxes.

The Minister of Finance said that the measure to abolish lump-sum tax is a very correct policy of the Party and State to ensure transparency in business activities, create equality in tax regimes for business households and enterprises, and encourage business households to transform into enterprises.

“This content is being piloted and initially shows great effectiveness. The Ministry of Finance will officially expand the implementation as soon as possible when it fully meets the requirements on IT and facilities,” said Minister Nguyen Van Thang.

The Resolution also clearly states that the number of inspections for each enterprise, business household, and individual business (if any) must not exceed once a year, except in cases where there are clear signs of violations.

The number of inspections at enterprises, business households, and individual businesses (if any), including inter-sectoral inspections, must not exceed once a year, except in cases where there are clear signs of violations.

Strictly handle acts of abuse and taking advantage of inspection and examination to harass and cause difficulties for businesses, business households, and individual businesses...

According to Minister Nguyen Van Thang, this regulation has institutionalized Resolution 68 of the Politburo to end the situation of overlapping and prolonged inspections and examinations, abuse of inspections and examinations, harassment, and causing difficulties for businesses.

"The provisions in the draft resolution aim to reduce direct inspections and checks, shift from pre-inspection to post-inspection, increase remote inspections and checks based on electronic data and information sharing from management agencies, so it does not reduce the role of state management work," the Minister affirmed.

The National Assembly also requested the Government to direct the agencies in charge of drafting other draft laws and resolutions to be submitted to the National Assembly at the 9th Session (such as the Law on Planning, the Law on Investment, the Law on Bidding, etc.) to urgently review and study the contents of Resolution 68 to institutionalize them immediately in these draft laws and resolutions.

In addition, urgently assign research agencies to propose legislation to promptly add to this year's legislative program, submit to the National Assembly for consideration and approval at the next session and in the legislative orientation of the 16th National Assembly term.

Amendments and supplements to laws on land, investment, planning and other laws related to business investment need to be completed soon to fully institutionalize Resolution 68 next year.

Source: https://vietnamnet.vn/quoc-hoi-thong-qua-co-che-chinh-sach-dac-biet-phat-trien-kinh-te-tu-nhan-2401992.html