Minister of Finance Dinh Tien Dung at the meeting (Photo: VNA) Hanoi (VNA) - The National Assembly (NA) Standing Committee continuedits 44th session on April 28 with discussions on extending the legislature’s draftResolution on agricultural land tax exemptions to the end of 2025.
According to a Governmentreport, an estimated 7.5 trillion VND (3.2 billion USD) in agricultural landtaxes will be exempted every year in the 2021-2025 period, which is expected tobe used in the sector as investment to expand production and improveproductivity and product quality.
Minister ofFinance Dinh Tien Dung said the exemption will not have an adverse effect on Statebudget revenue as the policy has been implemented since 2001. Under the NA’sResolution No. 55/2010/QH12 dated November 24, 2010, the exemption was set torun until the end of this year.
Issuing a newpolicy under the form of an NA Resolution is a suitable measure, as the policyhas proven effective in improving farmers’ lives and generating employment in ruralareas over the last two decades.
The policy doesnot create any conflict in trade with other countries and does not violate Vietnam’sinternational commitments in joining the World Trade Organisation (WTO), Dung emphasised.
Members of the NAStanding Committee agreed on the necessity to continue applying the exemptions inthe 2021-2025 period.
NA ChairwomanNguyen Thi Kim Ngan said the exemptions, totalling 7.5 trillion VND (3.2billion USD) each year for a sector that covers 70 percent of the nationalpopulation, is not a huge sum.
She affirmed thatthe policy is important for the agricultural sector, farmers, and rural areas.
She asked,however, for thorough assessments of the scale of the exemptions and those ableto apply.
The Governmentshould report the outcomes of the policy carried out over the past 20 years toserve as a basis for amendments to the Law on Agricultural Land Use Tax, sheadded./.
According to a Governmentreport, an estimated 7.5 trillion VND (3.2 billion USD) in agricultural landtaxes will be exempted every year in the 2021-2025 period, which is expected tobe used in the sector as investment to expand production and improveproductivity and product quality.
Minister ofFinance Dinh Tien Dung said the exemption will not have an adverse effect on Statebudget revenue as the policy has been implemented since 2001. Under the NA’sResolution No. 55/2010/QH12 dated November 24, 2010, the exemption was set torun until the end of this year.
Issuing a newpolicy under the form of an NA Resolution is a suitable measure, as the policyhas proven effective in improving farmers’ lives and generating employment in ruralareas over the last two decades.
The policy doesnot create any conflict in trade with other countries and does not violate Vietnam’sinternational commitments in joining the World Trade Organisation (WTO), Dung emphasised.
Members of the NAStanding Committee agreed on the necessity to continue applying the exemptions inthe 2021-2025 period.
NA ChairwomanNguyen Thi Kim Ngan said the exemptions, totalling 7.5 trillion VND (3.2billion USD) each year for a sector that covers 70 percent of the nationalpopulation, is not a huge sum.
She affirmed thatthe policy is important for the agricultural sector, farmers, and rural areas.
She asked,however, for thorough assessments of the scale of the exemptions and those ableto apply.
The Governmentshould report the outcomes of the policy carried out over the past 20 years toserve as a basis for amendments to the Law on Agricultural Land Use Tax, sheadded./.
VNA
