- The Ministry of Finance is seeking feedback on a draft resolution of the National Assembly to reduce value-added tax by 2% from July 1, 2024 to December 31, 2024.
- The proposed reduction applies to goods and services currently taxed at 10%, except for certain categories such as telecommunications, information technology, financial activities, banking, securities, insurance, real estate, metal production, and mining.
- The expected decrease in state budget revenue for the last 6 months of 2024 is around 24 trillion VND.
- The reduction in VAT is expected to stimulate production and contribute to additional revenue for the state budget.
- Measures will be taken to offset the impact on state budget revenue in the short term and ensure effective tax management.
- The reduction in VAT will directly benefit consumers by lowering production costs and prices of goods and services, ultimately reducing costs for consumers.
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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