On July 2, 2024, the Ministry of Finance officially issued Circular No. 43/2024/TT-BTC, which regulates the reduction of fees in the field of industrial property. This move aims to create more favorable conditions for individuals and businesses to register and protect their intellectual property rights, promoting innovation and business development domestically.
According to Circular 43, the fees for industrial property will be reduced by 50% of the fee rates specified in Section A of the Fee Schedule, the fee for industrial property issued together with Circular No. 263/2016/TT-BTC on November 14, 2016, by the Minister of Finance, which regulates the collection, payment, management, and use of fees for industrial property ownership.
This reduction will only apply to the fee rates and will not be applicable to the fees for industrial property specified in Section B of the aforementioned Circular. This regulation will take effect from July 1, 2024, until December 31, 2024.
Reducing registration and maintenance fees for industrial property rights brings many benefits to both individuals and businesses. Companies and individuals can save a significant amount of costs, allowing them to invest more in research and development of new products. Reducing registration fees promotes creativity and innovation, protects the rights of creators and businesses, and creates conditions for them to develop new products and services. With ownership of patents, trademarks, and industrial designs being protected, businesses can enhance their competitive capabilities in the market, not only domestically but also internationally.
The issuance of Circular 43/2024/TT-BTC on reducing fees in the field of industrial property is a positive step by the Ministry of Finance to support and promote the development of the creative community and businesses in Vietnam. This is a good opportunity for individuals and businesses to utilize and protect their intellectual property rights, and thereby contribute to the sustainable economic development of the country.
