• Representatives of the Ministry of Finance
• Representatives of the General Department of Taxation
• Representatives of 6 Tax Departments of Hanoi City, Ho Chi Minh City, Hai Phong City, Bac Ninh, Thai Nguyen and Quang Ninh provinces
• Representatives of auditing companies

Deputy Director General Dang Ngoc Minh chaired the conference and said that

• On November 29, 2023, the National Assembly passed Resolution No. 107/2023/QH15 on the application of the global minimum tax.
• The Resolution takes effect from January 1, 2024 and applies from the 2024 fiscal year.
• The GDT was assigned to develop a Decree detailing Resolution 107.

Objectives of the conference

• To finalize the draft Decree detailing Resolution 107 for public consultation.
• To ensure that the draft Decree is in line with the global minimum tax regulations according to OECD guidelines.

Main contents of the conference

• Review the entire draft Decree.
• Review and proofread the terminology used in the draft Decree.
• Review the main contents related to the determination of tax obligations and the application of appropriate accounting regimes.
• Review the contents related to tax management work.
• Review the method for determining the exchange rate for determining the revenue and income threshold used in the draft Decree.
• Review and proofread to Vietnamese the entire draft Decree.

The conference took place over 2 days, July 16-17, 2024

• The outcome of the conference will be the basis for the GDT to continue finalizing the draft Decree detailing Resolution 107 for submission to the Ministry of Finance. The draft Decree will then be finalized and sent for comments to ministries, agencies, organizations and individuals before being submitted to the Government.
• The implementation of the global minimum tax is one of the important tasks of the tax sector in the coming time. The conference to review and finalize the draft Decree detailing Resolution 107 is an important step to ensure the effective and timely implementation of the global minimum tax.
• In addition, the conference was also an opportunity for delegates to exchange and discuss the difficulties and challenges in the process of drafting the Decree, thereby contributing to improving the quality of the draft Decree.

Other important information

• The global minimum tax is an international standard to ensure that multinational corporations make a minimum tax contribution in each country where they operate.
• The global minimum tax rate is 15%.
• Vietnam has committed to applying the global minimum tax from 2024.

Conclusion

The conference to review and finalize the draft Decree detailing Resolution 107 is an important event in the process of implementing the global minimum tax in Vietnam. The completion of the draft Decree in a scientific and rigorous manner will contribute to ensuring the effective and timely application of the global minimum tax, while also ensuring a balance of interests between the State, businesses and the people.