ANTD.VN - The Ministry of Finance has proposed to continue extending the 2% value-added tax (VAT) reduction policy as currently applied until June 30, 2025.
The Ministry of Finance has just announced a request for comments on a proposal to develop a National Assembly Resolution on reducing value added tax (VAT).
Accordingly, the Ministry of Finance submitted to the Government a proposal to continue reducing the VAT rate by 2% for a number of groups of goods and services currently subject to a VAT rate of 10% (to 8%), applicable in the first 6 months of 2025.
The groups of goods and services with reduced tax rates remain the same as stipulated in Resolution No. 43/2022/QH15, Resolution No. 101/2023/QH15, Resolution No. 110/2023/QH15 and Resolution No. 142/2024/QH15.
Specifically, the groups of goods and services currently subject to a tax rate of 10% (remaining at 8%), except for the following groups of goods and services: telecommunications, information technology, financial activities, banking, securities, insurance, real estate business, metals, prefabricated metal products, mining products (excluding coal mining), coke, refined petroleum, chemical products, goods and services subject to special consumption tax.
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The recent VAT reduction policy has helped stimulate consumption and support economic recovery. |
According to the Ministry of Finance, the policy of reducing VAT by 2% along with other support solutions on taxes, fees, and charges in recent times has created great conditions to help businesses reduce production costs, increase profits, and increase the ability to stimulate demand.
In 2022, the implementation of the VAT reduction policy under Resolution No. 43/2022/QH15 supported businesses and people with a total of about 51.4 trillion VND, contributing to stimulating increased domestic consumption, with total retail sales of goods and consumer service revenue in 2022 increasing by 19.8% compared to 2021.
In 2023, the tax reduction policy in the last 6 months of the year supported businesses and people with a total of about 23.4 trillion VND. In general, in 2023, total retail sales of goods and consumer service revenue increased by 9.6% compared to 2022.
In 2024, the VAT reduction is estimated at VND 49 trillion. The report of the Government and the Ministry of Planning and Investment shows that the economic and social situation has many positive points, with each quarter higher than the previous quarter, and many important results in the first 9 months, higher than the same period in most areas.
GDP growth in the first 9 months reached 6.82%; estimated for the whole year at 6.8 - 7%, higher than the target assigned by the National Assembly (6 - 6.5%), belonging to the group of countries with high growth rates in the region and the world, highly appreciated by many large and prestigious international organizations.
“From the above results, it can be assessed that the 2% VAT reduction policy has contributed to reducing costs through businesses with production and trading activities of goods and services receiving VAT reduction, leading to a reduction in the selling price of goods and services for consumers, thereby promoting business production and business, people's consumption, contributing to creating more jobs for workers and achieving the set goal when building the VAT reduction policy, which is to stimulate consumption and promote production and business development" - the Ministry of Finance commented.
However, in addition to the basic achievements, the Ministry of Finance believes that our country still has limitations, shortcomings and continues to face many difficulties and challenges. Macroeconomic stability still has potential risks. Production and business activities still face difficulties; production costs remain high; domestic purchasing power shows signs of slowing down. Domestic aggregate consumer demand is considered an important driving force to promote economic growth.
Therefore, according to Resolution No. 218/NQ-CP dated November 12, 2024 of the Government on the regular Government meeting in October, in order to contribute to creating momentum to promote and develop the economy, it is necessary to continue implementing the VAT reduction policy.
The Ministry of Finance plans to submit to the Government and the National Assembly Standing Committee for permission to draft a Resolution according to shortened procedures.
Source: https://www.anninhthudo.vn/de-xuat-tiep-tuc-giam-2-thue-vat-trong-6-thang-dau-nam-2025-post595659.antd
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