Deputy General Director Dang Ngoc Minh, who chaired the conference, emphasized the importance of developing and issuing this Decree. Accordingly, the General Department of Taxation will proactively develop a draft Decree and widely solicit opinions from ministries, sectors, associations, enterprises, and the public. The Decree is expected to be submitted to competent authorities for approval by the end of October 2024.

A Letter to Enterprises: A Crucial Step in the Implementation Process 

To help enterprises better understand the application of the global minimum tax under Decree 107, the General Department of Taxation is preparing a “Letter” to be sent to applicable enterprises. This letter will provide detailed information on the new regulations, helping enterprises proactively calculate and pay taxes.

Deputy General Director Dang Ngoc Minh said: “As the tax authority directly managing enterprises, we encourage representatives of the tax departments to contribute their opinions to the General Department’s draft to ensure that the new regulations are suitable for practical implementation and create the most favorable conditions for enterprises.”

Enterprises Need to Proactively Adapt 

The application of supplementary corporate income tax is part of a global trend aimed at combating transfer pricing and tax avoidance. Vietnamese enterprises need to proactively update information and carefully study the new regulations to be best prepared.

Main Contents of Decree 107 and the Draft Decree 

At the conference, Director of the Policy Department, Luu Duc Huy, presented in detail the main contents of Decree 107 and the draft Decree. Delegates also heard reports on the status of filing country-by-country reports by enterprises with related-party transactions.

Conclusion of the Conference 

Deputy General Director Dang Ngoc Minh concluded the conference by emphasizing the importance of receiving feedback from agencies and enterprises. He requested that the drafting units continue to finalize the draft Decree, ensuring that the new regulations comply with international law and create favorable conditions for enterprises’ production and business activities.