Revisions are being made to the Law on Added Value, the Law on Special Consumption, the Law on Personal Income Tax, the Law on Corporate Income Tax, and the Law on Natural Resources.

Deputy Finance Minister Vu Tuyet Mai said the revisions are an important step in institutionalizing Party guidelines and State policies on fine-tuning Vietnam’s tax policy. She added the revisions will contribute to reforming the tax system in the 2011-2020 period. This will ensure conformity with the Law on Supporting Small and Medium-Sized Enterprises which cuts taxes for small enterprises and provides preferential taxes and co-working spaces for startups, and the Investment Law which expands a number of preferential investment areas. Deputy Minister Mai said it’s necessary to revise the tax law to develop a uniform, fair, and effective tax system.

According to Ms. Mai, regulations will also be amended to cut costs and reduce waste: “The government is directing a project to restructure financial balance, personnel, and the organization of public agencies. The government will inspect and supervise budget spending of state agencies.”