On the morning of November 29, with 462 delegates voting in favor (accounting for 93.52%), the National Assembly passed a Resolution on applying additional corporate income tax according to anti-establishment regulations. global tax ownership (global minimum tax - TTTC tax). The resolution takes effect from January 1, 2024, applicable from fiscal year 2024. It is expected that there will be about 122 taxable foreign files with a tax account of about 14,600 adjustments per year.

On the morning of November 29, with 462 delegates voting in favor (accounting for 93.52%), the National Assembly passed a Resolution on applying additional corporate income tax according to anti-establishment regulations. global tax ownership (global minimum tax - TTTC tax). The resolution takes effect from January 1, 2024, applicable from fiscal year 2024. It is expected that there will be about 122 taxable foreign files with a tax account of about 14,600 adjustments per year.

Quickly add financial information tax content when developing the revised Enterprise Income Law

According to this Resolution, the tax rate will be 15% for multinational enterprises with the most reasonable total revenue of 750 million euros (about 800 million USD) or more in 2 years of the 4 consecutive years. best. Taxable investors will be forced to calculate financial transfer tax in Vietnam.

Through the voice of the General Tax Office, there are about 122 foreign corporations investing in Vietnam that are affected by the financial transfer tax. The estimated budget will be more than 14,600 billion VND when 122 foreign investment corporations in Vietnam calculate this tax.

However, the application of the financial information tax will directly affect the benefits of foreign investment enterprises during the tax reduction incentive period, with the actual tax being lower than 15%. This means that Vietnam's tax incentives for exceptional businesses will no longer be effective, which could affect the investment environment.

Report explaining, following up, and editing the draft Resolution deciding on the application of the financial information tax, Chairman of the Finance and Budget Committee of the National Assembly Le Quang Manh said that basically, National Assembly deputies have the highest consensus on the issue. the need to issue a Resolution to proactively integrate internationally and internalize regulations of the Organization for Economic Cooperation and Development (OECD) to retain the copyright to tax financial information in Vietnam.

Explaining the process of the scope of adjustment, and then collecting comments from the National Assembly, the National Assembly Standing Committee (UBTVQH) believes that it is necessary to study the provisions of this content on the Law on Corporate Income Tax when amending. Accordingly, the Government is assigned to urgently develop a dossier on the Corporate Income Tax Law Project (amended) and add it to the Law and Ordinance Development Program (CTXDLPL) in 2024 so that it can be applied from the fiscal year. 2025, ensuring the right to tax taxes calculated below Vietnam's minimum level according to regulations on tax regulations.

Investment will be supported from global minimum tax revenue

Some National Assembly deputies have proposed to issue a Joint Resolution of the election content expressing the National Assembly's views because the interests of consultants are affected when implementing the financial information tax; Accordingly, it is necessary to prohibit actions to support new investment policies, replace and compensate for tax incentives that will no longer be effective when implementing the financial transfer tax so that consultants can feel secure about the investment environment in Vietnam. Vietnam. There is an opinion that the Resolution on this decision should not be passed if the Resolution on investment support has not been passed.

Regarding these issues, the National Assembly Standing Committee believes that exactly as the opinion of the National Assembly Delegates, when implementing tax financial procedures, it is necessary to have more appropriate investment incentive policies to supplement and replace preferential policies, Support and support the implementation of Vietnam's investment environment. However, these are very new and complex issues, investment support measures must ensure that they do not violate OECD regulations, and must be feasible and appropriate to Vietnam's practical conditions, avoiding contacts for state budget. This requires relevant agencies to consider and prepare very carefully to ensure the requirements set forth. Recently, the Government has made great efforts to develop two draft resolutions related to the implementation of tax financial procedures and are expected to be introduced by the National Assembly Standing Committee in the program of the 6th Congress of the National Assembly.

However, the draft Resolution on investment support policy has been submitted to the National Assembly Standing Committee twice (at the September and October sessions) but has not met the National Assembly's conditions. Therefore, at the meeting held on October 23, 2023, the National Assembly Committee reported to the National Assembly to temporarily not present these two decisive Resolutions at any Friday competition to ensure completeness. face.

However, from the perspective of consultants who are governed by tax regulations, the fact that Vietnam does not have a law regulating tax regulations before January 1, 2024 will make it unclear which country of origin can be invested or not. the ability to apply tax and financial procedures in Vietnam; This may cause consultants to plan for 2024 in the direction of transferring additional financial taxes in Vietnam to declaration and dependence in the parent country.

Therefore, consultants currently expect Vietnam to soon pass the Decision on Additional Corporate Income Tax to ensure legal clarity for consultants when building plans for 2024. From this reality On January 11, 2023, the National Assembly Committee issued Resolution No. 39/2023/UBTVQH15 to supplement the Resolution on the application of additional corporate income tax according to regulations against destroying the global tax base in the 2023 CTXDLPL. The National Assembly will take place at this exam according to the procedure at an exam.In order to appropriately handle the issue of maintaining the investment environment when implementing the financial information tax, during the period between the two recent presentations, the National Assembly Standing Committee urgently coordinated with the Government and relevant agencies to Search and determine suitable treatment methods. On November 15, 2023, the Government issued Report No. 45/BC-CP reporting on the situation of developing a draft Pilot Resolution on investment support policies in the field of high technology, including recommendations Architecture proposed establishing a campaign to implement investment support measures.

Based on the opinions of the National Assembly Delegates, after discussing and agreeing with the Government and based on the Government's report No. 45/BC-CP, the National Assembly Committee asked the National Assembly for permission not to issue a separate Resolution on policy. Investment support that makes a common decision Content of the 6th exam: "Agree to the master account, assign the government in 2024 to develop a draft Resolution on the establishment, management and use of the Support Fund Investment from financial tax revenue and other legal sources to stabilize the investment environment, encourage the attraction of strategic investors, multinational corporations and support domestic enterprises for some areas that need investment encouragement, report to the National Assembly Standing Committee for comments before promulgation. At the same time, in general, to synchronously complete the system of policies and laws on investment encouragement to meet development requirements. develop the country in the new situation".

citing the Ministry of Finance:https://mof.gov.vn/webcenter/portal/btcvn/pages_r/l/tin-bo-tai-chinh?dDocName=MOFUCM294852