The policy of reducing VAT by 2% - a "boost" for businesses and stimulating consumption, removing difficulties, promoting production and business activities for people and businesses.
Good news for people and businesses is that the Resolution of the 7th session of the 15th National Assembly, which has just been passed by the National Assembly, allows for a further reduction of 2% in the value-added tax (VAT) rate for a number of groups of goods and services currently subject to a 10% tax rate from July 1 to December 31 this year.
Immediately, the Government also issued Decree No. 72 regulating the policy of reducing value added tax according to the Resolution of the National Assembly. This is also the 4th time the National Assembly and the Government have decided to reduce VAT, in order to support people and businesses in production and business.
Along with the tax and fee payment extension policy that was just issued by the Government in mid-June, the 2% VAT reduction policy is considered the next "boost" to support businesses and stimulate consumption. In line with the spirit of Resolution 93 of the Government on removing difficulties and promoting production and business activities for people and businesses.
The 6-color printer with a length of up to 10m was imported by VPC Packaging Printing Joint Stock Company from Japan 2 years ago, with a value of 36 billion VND. And an important source of capital for the enterprise to be able to import such a large machine is the tax payment extension, and the 2% VAT reduction, which has helped the enterprise have more than ten billion VND, to buy the machine to increase productivity.
"Since importing the printer, we have met all of our customers' needs in terms of quality, time, and strict requirements. When there was a 2% tax reduction policy, we also reduced the selling price of the product, our orders increased a lot. In 2023, our revenue was 188 billion, in 2024 it is expected to be 200 billion", said Ms. Nguyen Thi Hong - Financial Director, VPC Printing and Packaging Joint Stock Company.
If the tax extension is considered as a loan for businesses without having to pay interest, then a 2% VAT reduction will save this amount of money without having to pay it back. Businesses will reduce product costs, and consumers will also be able to buy at a cheaper price. Thanks to the 2% VAT reduction, in the first 6 months of this year, the total retail sales of goods and consumer service revenue is estimated to reach over 3 million billion VND, an increase of 8.6% over the same period in 2023.
With supermarkets, from 2022 until now, there has been a growth rate of over 10%.
"We are very happy and welcome the fact that the State continues to apply the 2% VAT policy for the last 6 months of the year. That is an effective measure to stimulate consumption. From now until the end of the year, it will help increase people's purchasing power, due to the upcoming major holidays and Tet. The 2% reduction, although not much, contributes to our growth as well as the general consumption level is increasing day by day", said Ms. Ngo Thi Minh Thu - Director of AEON Vietnam Supermarket General Department Store, Hai Phong Le Chan branch.
It is expected that businesses and people will benefit about VND24,000 billion from the VAT reduction policy for the last 6 months of this year.
According to VTV
Source: https://doanhnghiepvn.vn/kinh-te/giam-2-thue-vat-lan-thu-4-kich-cau-tieu-dung-va-cu-hich-cho-doanh-nghiep/20240702082041309
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