Decision No. 58/2009/QD-TTg supplements certain tax measures to stimulate investment and consumption, prevent economic decline, and address difficulties faced by businesses. The measures include reducing value-added tax, extending the deadline for paying import taxes, reducing corporate income tax, and registration fees.
Scope of application
Businesses operating in the production of yarn, fabric, garments, leather shoes, paper, cement, tiles, two-wheeled motorcycles, three-wheeled motorcycles with cylinder capacity over 125 cm3; taxpayers of corporate income tax from producing the aforementioned products; and buyers of passenger cars under 10 seats.
Key points
- Businesses producing yarn, fabric, garments, leather shoes, paper, cement, tiles, two-wheeled motorcycles, three-wheeled motorcycles with cylinder capacity over 125 cm3 shall be granted a 50% reduction in value-added tax from May 1, 2009 to December 31, 2009.
- Businesses importing machinery, equipment, spare parts, specialized transportation vehicles shall be granted an extension of up to 180 days for paying value-added tax from May 1, 2009 to December 31, 2009.
- Businesses producing yarn, weaving, dyeing, sewing, and leather shoe products shall be granted a 30% reduction in corporate income tax for the fourth quarter of 2008.
- Buyers of passenger cars under 10 seats shall be granted a 50% reduction in registration fee from May 1, 2009 to December 31, 2009.
- Businesses producing yarn, fabric, garments, leather shoes, paper, cement, tiles shall be exempted from import duties on machinery, equipment, spare parts, specialized transportation vehicles from May 1, 2009 to December 31, 2009.
🌐 Social impact of this document
- Positive impact: Reducing the tax burden on businesses and citizens, stimulating consumption and investment.
- Negative impact: May alter the production structure in the garment and footwear industry; affecting state budget revenue.
❓ Frequently asked questions
Which businesses are eligible for a reduction in value-added tax?
Businesses producing yarn, fabric, garments, leather shoes, paper, cement, tiles, two-wheeled motorcycles, three-wheeled motorcycles with cylinder capacity over 125 cm3 shall be granted a 50% reduction in value-added tax from May 1, 2009 to December 31, 2009.
Which businesses are eligible for an extension of the deadline for paying import taxes?
Businesses importing machinery, equipment, spare parts, specialized transportation vehicles for fixed assets shall be granted an extension of up to 180 days for paying value-added tax from May 1, 2009 to December 31, 2009.
Which businesses are eligible for a reduction in corporate income tax?
Businesses producing yarn, weaving, dyeing, sewing, and leather shoe products shall be granted a 30% reduction in corporate income tax for the fourth quarter of 2008.
What percentage of the registration fee is reduced for buyers of passenger cars under 10 seats?
Buyers of passenger cars under 10 seats shall be granted a 50% reduction in registration fee from May 1, 2009 to December 31, 2009.
For how long will these measures be implemented?
These measures shall be implemented from May 1, 2009 to December 31, 2009.
Full text
Pursuant to …;
Article 1. Supplementing certain tax measures to implement policies to stimulate investment and consumption, to prevent economic downturn, and to address difficulties faced by businesses as follows:
1. Reducing the value-added tax rate by 50% from May 1, 2009 to December 31, 2009 for the following goods and services:
a. Yarn, fabric, and ready-made garments, leather shoes of all kinds;
b. Paper and paper products of all kinds, except books specified in point o, Clause 2, Article 8 of the Value-Added Tax Law and printing paper for newspapers;
c. Cement;
d. Bricks, tiles of all kinds;
e. Two-wheeled motorcycles and three-wheeled motorcycles with engine capacity over 125 cubic centimeters.
2. Extending the deadline for paying value-added tax to 180 days for imported consignments of machinery, equipment, spare parts, and specialized transportation vehicles within production lines that are not domestically produced and are necessary for creating fixed assets of enterprises, applicable to import declarations registered with customs authorities from May 1, 2009 to December 31, 2009.
Machinery, equipment, spare parts, and specialized transportation vehicles referred to in this clause shall be determined based on differentiation from the list of types of machinery, equipment, specialized transportation vehicles, construction materials, spare parts, and components already domestically produced issued by the Ministry of Planning and Investment.
3. Reducing corporate income tax payable for the fourth quarter of 2008 by 30% on income from spinning, weaving, dyeing, sewing activities, and production of footwear items.
4. Reducing the stamp duty on passenger cars with fewer than 10 seats (including driver) by 50% from May 1, 2009 to December 31, 2009.
Article 2. This Decision takes effect from the date of issuance. The Ministry of Finance shall provide guidance on its implementation.
Article 3. Ministers, Heads of ministerial-level agencies, Heads of agencies under the Government, Chairpersons of provincial People's Committees, and Chairpersons of municipal People's Committees directly under the central government shall be responsible for implementing this Decision.
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