19,500 billion VND of VAT has been reduced to support businesses in the first 5 months of the year.

According to the Ministry of Finance , the 2% reduction in Value Added Tax (VAT) in the first 5 months of 2024 has helped support businesses and people by about VND 19,488 billion. On average, each month has a reduction of VND 2,500 billion, with February alone having a long Tet holiday, reaching only VND 1,500 billion.

The 2% VAT reduction policy has helped people and businesses cut 19,500 billion VND in the first 5 months of the year (Photo TL)

In the last 6 months of 2024, the Ministry of Finance is also soliciting comments on the draft Decree regulating the policy of reducing VAT by 2% according to the Resolution of the National Assembly .

Also according to the statistical report on the socio-economic situation in the first 5 months of 2024 of the Ministry of Planning and Investment , the GDP growth rate in the first quarter of 2024 increased by 5.66% over the same period last year, higher than the growth rate of the past 3 years.

Total export and import turnover of goods reached 305.53 billion USD, up 16.6% compared to 2023. Exports increased by 15.2% while imports increased by 18.2%, with a trade surplus of 8.01 billion USD. The average consumer price index (CPI) in the first 5 months of the year increased by 4.03% over the same period, inflation increased by 2.78%.

Although the first half of 2024 is still considered a difficult time, the number of enterprises still increased by 1,500, equivalent to 300 new enterprises opened each month. The amount of revenue collected to the state budget by the end of May 2024 reached 909.3 trillion VND, equivalent to 53.5% of the estimate and an increase of 15% over the same period.

According to the Ministry of Finance, in the last 6 months of the year, the state budget revenue will decrease by about 24 trillion VND if the VAT reduction policy is implemented. Of which, the domestic revenue reduction is expected to be 2,500 billion VND/month and the import revenue reduction is expected to be 1,500 billion VND/month.

Source: https://www.congluan.vn/19500-ty-dong-thue-gtgt-da-duoc-giam-ho-tro-doanh-nghiep-5-thang-dau-nam-post300352.html