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Most opinions indicated that taxing fertilisers at a rate of five per cent rate will increase prices,online casino 365 thereby raising the costs of agricultural products and directly affecting farmers' livelihoods.

The National Assembly (NA) Deputies' Conference concluded its 6th meeting on Thursday. VNA/VNS Photo

HÀ NỘI — The National Assembly (NA) Deputies' Conference concluded its 6th meeting on Thursday, with the majority of deputies opposed to imposing taxes on fertilisers and specialised equipment used in agricultural production, within the amended draft Law on Value Added Tax (VAT).

Many NA deputies disagreed with the proposal to shift fertilisers, specialised machinery and equipment used in agricultural production, as well as fishing vessels, from tax-exempt status, into a five per cent tax rate.

They recommended maintaining the current regulations and urged a thorough assessment of the policy change's impact, both from the production sector's perspective and its effect on consumers.

Most opinions indicated that taxing fertilisers at a five per cent rate would increase prices, thereby raising the costs of agricultural products and directly affecting agricultural production and farmers' livelihoods.

Deputy Nguyễn Thành Nam from the northern province of Phú Thọ argued that taxing fertilisers, specialised machinery and equipment, as well as fishing vessels, would increase production costs for both agriculture and fisheries.

"I suggest maintaining the current law, where these items remain tax-exempt," the deputy said.

Deputy Nguyễn Trường Giang from the central highland province of Đăk Nông said that if a five per cent tax is imposed on fertilisers, the State budget would collect about VNĐ5.7 trillion (US$229.1 million), but VNĐ1.5 trillion ($60.2 million) would need to be used to refund taxes to businesses.

“This is an indirect tax, which ultimately hits consumers directly,” he said.

Giang added that, in recent efforts to revive the economy, the Government had reduced VAT by two per cent to stimulate consumption, so now imposing a five per cent tax to reduce selling prices is unconvincing.

He also suggested not applying VAT to items within the same group.

Commenting on the draft amended law, Deputy Trịnh Xuân An from the southern province of Đồng Nai emphasised that decisions on whether to apply VAT to fertilisers should not be based solely on price fluctuations.

Việt Nam, as an agricultural country, needs a stable policy regarding fertiliser prices as it‘s an essential commodity for agricultural production, which should not be subject to frequent changes, he said.

"We need a modern fertiliser industry that is competitive on a global scale, rather than one that constantly relies on policies dependent on global markets and import conditions," he said.

On the same day, NA deputies also discussed the amended draft Law on Electricity.

Responding to the deputies' concerns about the electricity sector’s monopoly, Deputy Minister of Industry and Trade Trương Thanh Hoài explained that Article 5 of the draft clearly defines that the state's monopoly primarily applies to regulating the electrical system. As for investment, the state monopoly is limited to multi-purpose projects and important structures that ensure the stable operation of the system. 

Regarding high-voltage transmission grids, the state monopoly will apply only to high-voltage and ultra-high-voltage grids (220 kV and above), while interconnected transmission lines will be subject to privatisation.

Hoài told them that in 2022, the 15th National Assembly passed an amendment to Article 4 of the Electricity Law, promoting the privatisation of transmission investments.

Given the current high energy demand, the market needs to be designed to be transparent.

To ensure energy security as per Resolution No55-NQ/TW of the Politburo, certain key sectors will remain under state monopoly, while others will be privatised.

"In reality, EVN's power sources now account for only 38 per cent of the total national electricity system capacity. We are gradually establishing competitive electricity markets to ensure transparency and openness," he said.

He also noted that recently, the Prime Minister separated the National Load Dispatch Centre from EVN and transferred it to the Ministry of Industry and Trade. As a result, EVN and other corporations will participate in the electricity market as regular entities.

"We aim to minimise monopolies while still ensuring energy safety and security in line with the set direction," he said.

Regarding the competitive electricity market, the Standing Committee of the NA's Committee for Science, Technology and Environment observed that the restructuring of the electricity sector to serve the competitive market has been progressing much slower than planned.

Therefore, the agency responsible for reviewing and amending the draft law recommended that the drafting committee clarify and include key regulations related to the roadmap for developing the electricity market, the plan for restructuring the electricity sector, and the plan for reforming retail electricity prices in accordance with Directive No55-NQ/TW. — VNS