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The Standing Committee of the National Assembly has held a meeting to discuss the draft Law amending and supplementing certain articles of four tax laws, notably the proposal related to the Special Consumption Tax (TTĐB) on battery-powered electric vehicles. According to the submission presented by the Minister of Finance, Ngô Văn Tuấn, the current preferential TTĐB policy for battery electric vehicles, applied since March 1, 2022, has shown clear effectiveness. This policy has gradually changed consumer habits, shifting from fossil-fuel vehicles to environmentally friendly vehicles, thereby reducing greenhouse gas emissions. In the context of geopolitical tensions and potential risks in fossil fuel supply, the economy faces significant pressure on energy security. According to the Ministry of Finance, promoting the transition to electric-powered vehicles is necessary to reduce dependence on fossil fuels, while contributing to restructuring energy toward proactive, sustainable and green economic development. Based on this, the draft Law proposes extending the period of application of the preferential TTĐB tax rate for battery electric cars (under 24 seats) until the end of 2030, instead of ending under the current timeline. The appraisal report by the Economic and Financial Committee, presented by Chair Phan Văn Mãi, states that the scope of the draft law amendments focuses on giving the Government authority to define some flexible tax thresholds depending on actual conditions (such as thresholds for revenue not subject to personal income tax, exemptions from value-added tax for households and individuals engaged in business; thresholds for corporate income tax exemptions). Regarding electric vehicles, a majority of opinions in the Standing Committee on Economic and Financial Affairs agree with the proposal to extend the preferential TTĐB tax rate. According to the appraisal authority, this is a policy necessary to promote green transition, reduce urban pollution, and pursue long-term sustainable development. Read more
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