The Ministry of Finance is seeking comments on the draft Decree regulating the policy of reducing value-added tax by 2% in the last 6 months of 2024 according to the National Assembly Resolution.
The Ministry of Finance said that in 2024, the 2% VAT reduction under Resolution No. 110/2023/QH15 in the first 5 months of 2024 has supported businesses and people with about 19,488 trillion VND. Except for February, which has the Tet holiday, the average VAT reduction in the remaining months at the import stage is about 1.5 trillion VND/month and the domestic stage is expected to be about 2.5 trillion VND/month.
According to information on recent socio-economic developments in the Statistical Report on the socio-economic situation in the first 5 months of 2024 of the Ministry of Planning and Investment, many positive points were shown: The GDP growth rate in the first quarter of 2024 is estimated to increase by 5.66% over the same period last year, higher than the growth rate of the first quarter of the years 2020-2023; In the first 5 months of the year, the total import and export turnover of goods reached 305.53 billion USD, an increase of 16.6% over the same period last year, of which exports increased by 15.2%, imports increased by 18.2%, the trade balance of goods had a surplus of 8.01 billion USD.
The consumer price index (CPI) in the first 5 months of 2024 increased by 4.03% over the same period last year; core inflation increased by 2.78%; comparing the number of newly registered and re-established enterprises with the number of enterprises withdrawing from the market, the total number of enterprises increased by 1.5 thousand enterprises, an average increase of 300 enterprises per month; total retail sales of goods and consumer service revenue in the first 5 months of 2024 increased by 8.7% over the same period last year. According to the report of the State Treasury, the state budget revenue as of May 31, 2024 was VND 909.3 trillion, equal to 53.5% of the estimate and an increase of 15% over the same period in 2023.
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 said that if the policy of reducing VAT by 2% in the last 6 months of 2024 according to the Resolution of the National Assembly is implemented, the expected reduction in state budget revenue will be about 24 trillion VND (about 4 trillion VND/month, of which the reduction in domestic revenue is expected to be 2.5 trillion VND/month and the reduction in import revenue is about 1.5 trillion VND/month).
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