Urgently implement the decree on value added tax reduction

The General Department of Taxation requests tax authorities to urgently implement the Decree on tax reduction and value added tax reduction.

On July 1, the General Department of Taxation announced that it had sent a telegram to local tax departments regarding the implementation of Decree No. 72/2024/ND-CP dated June 30, 2024, stipulating the policy of reducing value-added tax according to Resolution No. 142/2024/QH15 dated June 29, 2024 of the National Assembly .

Accordingly, the General Department of Taxation requires tax departments to proactively disseminate to taxpayers in the area to promptly implement Decree 72/2024/ND-CP.

Previously, on June 30, the Government issued Decree No. 72/2024/ND-CP dated June 30, 2024, stipulating the policy of reducing value-added tax according to Resolution No. 142/2024/QH15 dated June 29, 2024 of the National Assembly.

The Decree stipulates that from July 1 to December 31, 2014, business establishments that calculate value added tax according to the deduction method will be subject to a value added tax rate of 8% for goods and services that are eligible for reduced value added tax.

According to economic experts, in the current context, domestic demand is very low, so reducing value-added tax will reduce goods and services, especially essential goods and services, thereby stimulating consumption and production.

The Ministry of Finance also said that the policy of reducing value added tax by 2% helps reduce costs through businesses with production and trading activities of goods and services receiving a reduction in value added tax, leading to a reduction in the selling price of goods and services for consumers, thereby promoting production and business of businesses, consumption of people, contributing to creating more jobs for workers and achieving the goal set when building the policy of reducing value added tax, which is to stimulate consumption and promote production and business development.

According to the Ministry of Finance, if the policy of reducing value added tax 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).

Previously, the Ministry of Finance said that the 2% value-added tax reduction according to Resolution No. 110/2023/QH15 of the 6th session of the 15th National Assembly in the first 5 months of 2024 has supported businesses and people with about 19,488 trillion VND.

According to the Ministry of Finance, fiscal policies have been put into practice, thereby supporting businesses, promoting economic growth, and contributing to the state budget.

According to PV/VTV

Source: https://doanhnghiepvn.vn/kinh-te/khan-truong-trien-khai-nghi-dinh-giam-thue-gia-tri-gia-tang/20240702082627486