Increase resource tax on gold, many precious metals

On the morning of December 10, the National Assembly Standing Committee voted unanimously to increase resource tax rates on many items in the group of metal, non-metal and water resources....

Continuing the 43rd session of the National Assembly Standing Committee, this morning (December 10), delegates gave their opinions on the draft Resolution amending and supplementing a number of articles of Resolution No. 712/2013/UBTVQH13 on promulgating the natural resource tax rate schedule.

Accordingly, in the Submission to the National Assembly Standing Committee, Minister of Finance Dinh Tien Dung proposed to increase the resource tax rate for one type of product: Iron - the allowable tax rate is 7-20%, the current tax rate is 12%, it is proposed to increase to 14%.

Titanium - the allowed tax rate is 7-20%, current tax rate is 16%, proposed to increase to 18%; Gold - the allowed tax rate is from 9-25%, current tax rate is 15%, also proposed to increase to 17%.

Platinum, silver, tin - tax rate range 7-25%, current tax rate 10%. However, to match the increase in tax rate on manganese, it is proposed to increase the resource tax rate on platinum, silver, tin from 10% to 12%. White marble, sand - tax rate range 5-15%, current tax rate 9%, it is proposed to allow an increase to the ceiling of 15%...

According to the Minister of Finance, reviewing and adjusting resource tax rates for each group and type of resource to be appropriate aims to strengthen State management in exploitation and ensure State budget revenue in the context of international integration.

Delegates of the National Assembly Standing Committee discussed the need to issue a new resource tax rate formula. (Photo: Tuan Minh)

Agreeing with the Report submitted by the Minister of Finance, the representative of the National Assembly's Finance and Budget Committee said that the majority of opinions in the Committee agreed on the necessity of issuing the Resolution because after nearly 2 years of implementation, up to now, some tax rates have not really contributed to promoting the economical use and encouraging deep processing of resources and minerals.

Metal, non-metal and natural water groups will have tax increases.

Discussing at the working session, delegate Nguyen Hanh Phuc, Head of the National Assembly Office, said that for non-metallic minerals, if increasing mining capacity, the impact must be taken into account.

For example, black sand mining is affecting the environment and people's lives. If the demand for mining increases now, it will further encourage illegal sand mining.

"The revenue is not much, but a lot of money is spent on embankments, so we should not increase black sand mining," Mr. Phuc suggested.

Agreeing with the Government that a new Resolution is needed to replace the old one, delegate Truong Thi Mai, Chairwoman of the Committee on Social Affairs, said that when we want to reduce smoking, we use tax policy to reduce smoking, or when we want to regulate an issue, we use tax increase policy. However, we must operate and manage well.

“You cannot ask for no tax increase if you do not manage well. State management must be strict, must handle all problems and must use tax policy to regulate, otherwise this story will have to be told for a long time,” said Ms. Mai.

However, Ms. Mai believes that it is necessary to encourage forest resources and have policies to help forest growers survive. “If people’s lives are tied to the forest, but they cannot live with the forest, what will they live on?”, she asked.

Delegate Ksor Phuoc, Chairman of the Nationalities Council, said that when it comes to the forest issue, it is not just about economic issues. If we only talk about economic issues, we will fail immediately. The forest issue is also a conservation issue. All of these issues are related to people.

Concluding the meeting, Vice Chairwoman of the National Assembly Nguyen Thi Kim Ngan said that the majority of opinions agreed to issue a resolution to adjust and change tax rates on natural resources. The change agreed to increase tax rates on non-metallic, metallic and natural water groups. However, consideration should be given to not affecting production.

Right at the discussion session this morning, the National Assembly Standing Committee voted unanimously to pass the Resolution amending and supplementing a number of articles of Resolution No. 712/2013/UBTVQH13 on promulgating the resource tax rate schedule.

This Resolution will take effect from July 1, 2016.

According to Infonet.vn