Continue to reduce VAT by 2% until the end of June 2024

On November 29, the National Assembly passed the Resolution of the 6th Session of the 15th National Assembly. Notably, according to the Resolution, the National Assembly agreed to reduce value added tax (VAT) by 2% from January 1, 2024 to June 30, 2024.

The 2% reduction in value-added tax rate will be applied to groups of goods and services currently applying the 10% value-added tax rate (to 8%), except for some groups of goods, following services: Telecommunications, information technology, financial activities, banking, securities, insurance, real estate business, metals, prefabricated metal products, mining products (excluding coal mining), coke, refined petroleum, chemical products, goods and services subject to special consumption tax.

The National Assembly assigned the Government to organize timely and effective implementation, without affecting the estimated State budget revenue and deficit in 2024 according to the Resolution of the National Assembly, and report to the National Assembly on implementation results at the Session. Saturday, 15th National Assembly.

Previously, in June 2023, the National Assembly passed the Resolution of the 5th Session, 15th National Assembly, which agreed to reduce VAT by 2% from July 1, 2023 to December 31, 2023. As with the Resolution of the 6th Session of the 15th National Assembly that was just passed, after the end of 2023, VAT will continue to be reduced in the first 6 months of 2024.

According to the Ministry of Finance, it is estimated that implementing the 2% VAT reduction policy in the first 6 months of 2024 is expected to reduce State Budget revenue by about VND 25,000 billion.

The 2% reduction in value-added tax rate will be applied to groups of goods and services currently applying the 10% value-added tax rate (to 8%), except for some groups of goods, following services: Telecommunications, information technology, financial activities, banking, securities, insurance, real estate business, metals, prefabricated metal products, mining products (excluding coal mining), coke, refined petroleum, chemical products, goods and services subject to special consumption tax.

The solution to reduce VAT along with other tax, fee and charge solutions are creating great conditions to help businesses reduce production costs, increase profits, and increase the ability to stimulate demand.

It is estimated that after 3 months of implementation (from July 2023 to September 2023), the 2% VAT reduction policy has supported businesses and people with a total of about 11,700 billion VND. Thereby contributing to reducing the cost of goods and services, promoting production and business and creating more jobs for workers, stimulating consumer demand, and promoting production and business development.

Also according to the Resolution, the National Assembly also agreed to extend the implementation time of the Land Acquisition, Compensation, Support and Resettlement Project at Long Thanh International Airport until December 31, 2024. Additional 966.749 billion VND from the general reserve of the Central budget source of the Medium-term Public Investment Plan for the period 2021-2025 for the Project.

In addition, according to the Resolution, the National Assembly also allows extending the implementation time and disbursement of investment capital from the State budget allocated for projects under the Socio-Economic Recovery and Development Program until the 31st. /December 2024.

Agree to the policy and assign the Government in 2024 to develop a draft Decree on the establishment, management and use of the Investment Support Fund from global minimum tax revenue and other legal sources to stabilize the environment. investment market, encourage and attract strategic investors, multinational corporations and support domestic enterprises in a number of fields that need investment encouragement, reporting to the National Assembly Standing Committee for its opinion. comments before promulgation. At the same time, conduct an overall review to synchronously complete the system of policies and laws on investment promotion, meeting the country’s development requirements in the new situation.

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