Proposal to continue reducing 2% VAT for the last 6 months of the year

• Proposal to continue reducing 2% VAT for the last 6 months of the year
• Government proposes to continue implementing a 2% reduction in VAT rates for certain goods and services currently subject to a 10% VAT rate in the last 6 months of 2024.
• The government’s report to the National Assembly highlights the impact of COVID-19 on various aspects of life and the economy, along with climate change and natural disasters.
• Financial policy measures have been implemented to support businesses, with a total value of around 700 trillion VND from 2020-2023.
• Recent measures include a 2% reduction in VAT from January 1, 2024, to June 30, 2024, amounting to around 25 trillion VND.
• The government emphasizes the positive impact of financial policy measures in stabilizing the economy and supporting businesses and individuals.
• Despite challenges faced by domestic businesses in recovering from COVID-19, the National Assembly has set a GDP growth target of 6-6.5% for 2024.
• The government stresses the importance of domestic consumption as a key driver of economic growth and the need for continued financial policy measures to boost domestic consumption.

Source: baochinhphu.vn

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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