global minimum tax

On September 28, at the 26th session of the National Assembly's Standing Committee (NA Standing Committee), Minister of Finance Ho Duc Phoc presented a draft NA resolution on the application of additional corporate income tax (CIT), under regulations against the erosion of the global tax base.

In the context of a concerted global effort to establish a minimum corporate income tax (CIT) rate, global minimum taxation (GMT) will provide opportunities for developing countries in East Asia and the Pacific to increase domestic revenues. Countries in the region must seize this opportunity and use the globally coordinated mechanism of GMT as a motive for overcoming the region's harmful tax competition.

Vietnam needs to fully and comprehensively assess the impacts of the global minimum tax on the country, said Minister of Finance Ho Duc Phoc on April 18.