On 15 January 2022, Resolution No. 43/2022/QH15 on Fiscal and Monetary Policies for Supporting Socio-economic Recovery and Development Program (“Resolution No. 43/2022“) was approved by the 15th National Assembly of the Socialist Republic of Vietnam.
The objectives of Resolution No. 43/2022 are to stimulate the rapid recovery of production activities, prioritise certain sectors, and strive to achieve the goals set out in the 2021-2025 Economic Plan i.e., maintain average GDP growth of 6.5-7% per year, ensuring public debt levels are lower than the allowable threshold permitted under Resolution No. 23/2021/QH15, restrict the urban unemployment
rate to below 4%, and maintain a stable macroeconomic environment
The implementing Decree 15/2022/ND-CP (“Decree 15/2022“) prescribing tax exemption and reduction which came into force from 1 February 2022, deals with VAT reduction on goods and services currently subject to 10% VAT (Article 1) and deductible expenses from donations and sponsors allowed in the determination of taxable income (Article 2).
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