The National Assembly’s Standing Committee on July 13 opened its 42nd session which focused on tax exemption and reduction plans.

The committee considered the Government’s proposal on the exemption and reduction of taxes for 2011 as well as the committee’s draft resolution on natural resources and environment tariffs.

The government proposed a 30 percent cut in corporate income taxes for 2011 and exempting many individuals, including stock investors, from personal income taxes.

Most of the session participants agreed with the government’s proposal to ease burdens on individuals and businesses but some suggested focusing assistance on more disadvantaged groups.

The Head of the NA’s Economic Committee Ha Van Hien said that it’s necessary to increase inspection and control so that the tax exemption and reduction policy will benefit the right people.

Under the government’s tax reduction plan, the state budget will decrease by some VND13.3 trillion.

Also on July 13, the NA Standing Committee approved the draft resolution on the environment protection tariffs - which target petrol, oil, grease, coal, nylon bags, HCFC solution, weed killer, and pesticides against termites.

For instance, after the resolution, tax rates on petrol and oil would be VND300-1,000 per litre, coal VND10,000-20,000 per tonne, and nylon bags VND40,000 per kg.

VOV