Nearly 90 trillion VND in taxes have been exempted to support economic recovery.

On September 2, the Ministry of Finance announced important information on tax exemption, reduction and extension policies to support people and businesses, estimating the total amount of tax exemption, reduction and extension until the end of August to be about VND89.8 trillion.

The Ministry of Finance exempts and reduces taxes to help businesses develop sustainably. (Source: vneconomy)

The Ministry of Finance has announced important information on tax exemption, reduction and extension policies to support people and businesses, estimating the total amount of tax exemption, reduction and extension until the end of August to be about VND89.8 trillion. Of this amount, tax exemption and reduction is about VND60.9 trillion and tax extension is about VND28.9 trillion.

Tax exemption details

Of the VND60.9 trillion in tax exemptions and reductions, policies issued and implemented in 2023 will continue to be effective in 2024, reducing revenue by about VND8.7 trillion. New policies issued and effective in 2024 will reduce revenue by about VND52.2 trillion. This shows the Ministry of Finance's efforts in establishing flexible policies to reduce the burden on people and businesses in the context of economic difficulties.

In addition to tax exemptions, the central budget has spent VND9.8 trillion from its reserve to supplement funding for national defense and security tasks and support localities in carrying out important and urgent tasks. This fund is also used for epidemic prevention and control and production recovery after natural disasters and epidemics.

Strengthening new revenue management

To ensure the effectiveness of these policies, tax and customs authorities have implemented many strict management measures. Customs authorities have conducted 1,109 inspections, checks, and handlings, and collected VND290.5 billion for the state budget. At the same time, solutions have been implemented synchronously to strengthen revenue management, prevent revenue loss, and recover tax arrears.

Tax authorities also focus on checking and reviewing the number of registered businesses, as well as the status of temporary suspension or cessation of operations, ensuring that 100% of businesses with business activities are subject to tax management. This contributes to creating a sustainable source of revenue for the state budget.

In addition to traditional measures, the Ministry of Finance has directed to increase revenue exploitation from areas with room for growth and potential such as digital business, e-commerce, real estate transfer, and chain business. This promises to create a new source of revenue, helping to stabilize the state budget in the future.

The tax exemption, reduction and extension policies implemented by the Ministry of Finance not only help people and businesses overcome difficulties but also contribute to promoting sustainable economic development. By applying strict and flexible management measures, the Ministry of Finance is aiming to stabilize the state budget and create favorable conditions for economic recovery. Close coordination among relevant agencies will be the key to ensuring the success of these efforts.

Source: https://baoquocte.vn/da-mien-giam-thue-gan-90-nghin-ty-dong-de-ho-tro-phuc-hoi-kinh-te-284806.html