The Ministry of Finance studies the application of the global minimum tax
The application of the global minimum tax should not create negative impacts on attracting foreign investment to Vietnam and should guarantee the country’s tax collection right.
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| In future, the profits of large international companies will be taxed at a rate of at least 15% worldwide. |
| Photo : VCI-legal/CVN |
The Ministry of Finance’s General Tax Department said it will closely monitor the implementation of the global minimum tax in other countries, listen to the opinions of tax-affected businesses and study the guidelines of the Organization for Economic Co-operation and Development (OECD) to propose its application in Vietnam.
The application of the global minimum tax should not create negative impacts on attracting foreign investment to Vietnam and should guarantee the country’s right to collect taxes, said deputy head of the said general department Dang Ngoc Minh during the meeting. of a press conference held Thursday, March 30 in Hanoi by the Ministry of Finance.
The second pillar of the OECD tax reform introduces a minimum effective tax rate of 15% on the profits of multinationals with more than 750 million euros in turnover, which has important implications for the use of tax incentives around the world.
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| Deputy Head of the General Tax Department of the Ministry of Finance, Dang Ngoc Minh, at the press conference. |
| Photo : VNA/CVN |
In Vietnam, a working group to study the global minimum tax and propose relevant solutions was created in August 2022, headed by Deputy Prime Minister Lê Minh Khai.
The Ministry of Finance set up a working group in February 2023, led by a deputy minister, to assist the working group.
The General Department of Taxes, which is charged by the ministry with studying and proposing the implementation of the global minimum tax, organized a meeting with companies on March 28 to gather the opinions of companies likely to be impacted. through taxes, according to Dang Ngoc Minh.
During the press conference, the official also clarified issues regarding the deployment of the electronic invoicing system and the refund of value added tax.
VNA/CVN
