The Ministry of Justice has announced the appraisal dossier of the National Assembly's Resolution on a number of breakthrough mechanisms and policies for Vietnamese cultural development.
This Resolution aims to ensure improving the quality and efficiency of state management, policy making, promoting creativity, ensuring the cultural enjoyment needs of the people, contributing to the rapid and sustainable development of the country in the new era.
The draft proposes many investment and sponsorship incentives in the cultural field such as the State supporting access to land, production and business premises, and financial mechanisms for organizations and individuals investing in construction, development or operation in clusters and creative industrial parks in culture according to regulations.
Organizations and individuals investing in digital infrastructure and developing high-tech solutions for culture, developing cultural industries, and entertainment industries are supported with taxes, fees, and charges according to regulations.
In addition, the draft also proposes that goods and services of cultural activities, exhibitions, sports, performing arts, film production, import, distribution of films, and film screenings are entitled to a 5% value-added tax rate.
At the same time, tax exemption for 4 years, a 50% reduction in tax payable in the next 5 years for business income from the implementation of investment projects in cultural industries, entertainment industries, clusters, and creative industrial parks in culture.
If implemented in areas with difficult or extremely difficult socio-economic conditions, they are exempt from tax for 4 years, and reduced by 50% of the tax payable in the next 9 years.
The draft also proposes to exempt personal income tax for income from salaries and wages of experts, scientists, and people with special talents working at creative startups in the fields of cultural industry and entertainment industry.
Along with that is import tax exemption for repatriated artifacts and antiques and simplification of "temporary export, re-import" procedures for national treasures, antiques or high-value artworks to participate in international exhibitions.
100% exemption of all taxes and fees, including import tax, value-added tax, warehousing fee, and customs fee for top artworks and cultural heritage of Vietnam that meet the criteria of national treasures and precious artifacts of value that are currently abroad and returned to the country for non-profit purposes for display according to the provisions of the Law on Cultural Heritage or donation or transfer to the State.
In case top artworks, national treasures, and rare antiques have been repatriated to the country, but the owner does not transfer them to the state, but transfers them to a third party, they must fulfill tax obligations according to regulations.
