For the purpose of continuous resolve difficulties and support production activities of businesses, the Vietnamese Ministry of Finance (MoF) issued Circular No. 43/2024/TT-BTC dated 28 June 2024 to provide a further period of the 50% reduction on a number of fees and charges, including industrial property fees.
Specially, the industrial property fees in Section A of the schedule, as promulgated in Circular No. 263/2016/TT-BTC of the MoF, will continue to apply a 50% reduction during the sixth period starting from 1 July 2024 until the end of 31 December 2024.
Previously, the Vietnamese Government has continuously adjusted to reduce industrial property fees during five respective periods of time through:
- Circular No. 45/2020/TT-BTC,
- Circular No. 112/2020/TT-BTC,
- Circular No. 47/2021/TT-BTC,
- Circular No. 120/2021/TT-BTC, and
- Circular No. 44/2023/TT-BTC.
This move came in the context of many businesses facing a range of challenges and difficulties due to the impact of COVID-19 and the economic recession.
Therefore, the 50% reduction in industrial property fees as stipulated in Circular No. 43/2024/TT-BTC signifies the Government’s sixth extension in an effort to encourage businesses to stabilize production activities and create favorable conditions for economy development in the future.
From 1 January 2025, the fees and charges would return to normal which are those under said Circular No. 263/2016/TT-BTC, unless any revisions are introduced.
By Le Thi Nguyet
Patent Department
