Feedback sought on tax exemption for fizzy drinks

Feedback sought on tax exemption for fizzy drinks




Hello. This is the Economics Report from English123.
Viet Nam's policy-making bodies may reconsider a proposal to exempt non-alcoholic carbonated drinks from the list of products subject to an excise tax rate of 10 per cent.
Previously, a draft amendment by the Ministry of Finance to the Excise Tax Law included fizzy soft drinks in a list of 16 products subject to the tax. The ministry claimed that as these drinks posed a health risk, the tax would help prevent the risk and substantially increase government revenue.
However, after putting the draft amendment up to public review in February, the 10 per cent excise tax on soft drinks came under intensive public scrutiny.
Now, the amendment makers would like to hear what the public would think if they don't impose the tax.
The Deputy Head of the Department of Tax Policy and representative of the amendment said the high level of public criticism indicated the importance of the tax policy.
Therefore, the amendment-making board would add another proposal to exempt non-alcoholic carbonated drinks from the excise tax.
Nguyen Duc Kien, deputy head of the National Assembly's Economic Committee said the excise tax on carbonated drinks would be unfair and reflect poorly on the draft makers.
Kien said all soft drinks contained sugar or sweeteners, therefore if the ministry aimed to raise budget money with the tax, it should impose the tax on all canned drink products.
Deputy Head of the Viet Nam Food Association and the Ministry of Health Nguyen Hung Long, said that the contents of carbonated drinks were already tested and proven relatively safe by the FAO/WHO Codex Committee.
From an economic stance, chairman of the Viet Nam Tax Consultants Association Nguyen Thi Cuc said that the tax was not reasonable if the country was calling for foreign investment.
Foreign investors control about 80 per cent of the soft drink market in Viet Nam.
Cuc said that if Viet Nam must impose the tax for the sake of people's health, the policy-makers should set out guidelines to get enterprises prepared.
This is Nick Veinot. We will be back with more news from English123.

Hello. This is the Economics Report from English123.
Viet Nam's policy-making bodies may reconsider a proposal to exempt non-alcoholic carbonated drinks from the list of products subject to an excise tax rate of 10 per cent.
Previously, a draft amendment by the Ministry of Finance to the Excise Tax Law included fizzy soft drinks in a list of 16 products subject to the tax. The ministry claimed that as these drinks posed a health risk, the tax would help prevent the risk and substantially increase government revenue.
However, after putting the draft amendment up to public review in February, the 10 per cent excise tax on soft drinks came under intensive public scrutiny.
Now, the amendment makers would like to hear what the public would think if they don't impose the tax.
The Deputy Head of the Department of Tax Policy and representative of the amendment said the high level of public criticism indicated the importance of the tax policy.
Therefore, the amendment-making board would add another proposal to exempt non-alcoholic carbonated drinks from the excise tax.
Nguyen Duc Kien, deputy head of the National Assembly's Economic Committee said the excise tax on carbonated drinks would be unfair and reflect poorly on the draft makers.
Kien said all soft drinks contained sugar or sweeteners, therefore if the ministry aimed to raise budget money with the tax, it should impose the tax on all canned drink products.
Deputy Head of the Viet Nam Food Association and the Ministry of Health Nguyen Hung Long, said that the contents of carbonated drinks were already tested and proven relatively safe by the FAO/WHO Codex Committee.
From an economic stance, chairman of the Viet Nam Tax Consultants Association Nguyen Thi Cuc said that the tax was not reasonable if the country was calling for foreign investment.
Foreign investors control about 80 per cent of the soft drink market in Viet Nam.
Cuc said that if Viet Nam must impose the tax for the sake of people's health, the policy-makers should set out guidelines to get enterprises prepared.
This is Nick Veinot. We will be back with more news from English123.

Source: vietnamnews

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