Proposal to continue reducing VAT by 2% in the first 6 months of 2024

The Government requested the Ministry of Finance to manage the 2023 state budget expenditures closely following the assigned estimates, thoroughly cutting regular expenditures and unnecessary spending tasks.

Đề xuất tiếp tục giảm 2% thuế GTGT trong 6 tháng đầu năm 2024

The Government assigned the Ministry of Finance to propose to the National Assembly to continue reducing VAT by 2% in the first 6 months of 2024. (Source: VGP News)

On October 4, the Government issued Resolution 164/NQ-CP at the regular Government meeting in September 2023 and the Government's online conference with localities, proposing to submit to the National Assembly a continued reduction of value-added tax by 2% in the first 6 months of 2024.

Accordingly, the Government assigned the Ministry of Finance to:

Propose to the National Assembly to continue reducing value-added tax by 2% in the first 6 months of 2024 and assign the National Assembly Standing Committee to consider and decide between the two National Assembly sessions if the economic and business situation remains difficult, report to the National Assembly at the nearest session, and report to the Prime Minister before October 7.

In addition, the Government also requested the Ministry of Finance to perform the following tasks:

- Focus on implementing drastic and effective solutions to ensure that the state budget revenue in 2023 meets the estimate assigned by the National Assembly, collects correctly, fully, and promptly, expands the revenue base, especially from e-commerce, digital platforms... and prevents tax losses, especially for food services and night-time economic activities.

Manage state budget expenditures in 2023 closely following the assigned estimates, thoroughly cutting down on regular expenditures and unnecessary spending tasks.

- Continue to effectively implement policies on exemption, reduction, and extension of taxes, fees, charges, and land rents that have been issued. For policies that are effective until the end of 2023, proactively research, review, consider, promptly propose, and report to competent authorities for extension if necessary to continue to remove difficulties for production, business, and people's lives.

- Take the lead in reaching an agreement with the Ministry of Transport and relevant localities on the amount of expenditure from increased revenue and expenditure savings in 2021 to be allocated to 03 expressway construction projects according to the Government's direction at Point c, Clause 3, Section I, Resolution 144/NQ-CP in 2023, report to the Prime Minister, and synthesize it into the report assessing the implementation of the state budget estimate in 2023 and the state budget estimate in 2024 to submit to the National Assembly for permission to transfer the source to 2023.

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