On May 28, the Government issued Resolution 81/NQ-CP on the proposal to develop a National Assembly Resolution project on value added tax reduction. This Resolution takes effect from the date of issuance.
The Draft Resolution will reduce the value-added tax rate by 2%, applicable to groups of goods and services currently applying the tax rate of 10% (to 8%), except for some groups of goods and services.
Accordingly, the Government approved the proposal to develop a National Assembly Resolution project on value added tax reduction as proposed by the Ministry of Finance in Proposal No. 116/TTrBTC mentioned above. The Ministry of Finance received comments from Government members in the process of completing the proposal to develop a Resolution project and developing a draft Resolution of the National Assembly in accordance with regulations; Responsible for the content, data of reports and proposals.
The Government assigned the Minister of Justice, authorized by the Prime Minister, on behalf of the Government to sign the Government’s Proposal on May 28, 2024 to report to the National Assembly and the National Assembly Standing Committee to supplement the project. Resolution of the National Assembly on reducing value-added tax in the 2024 Law and Ordinance Development Program and allowing the construction of the Resolution project according to shortened order and procedures, submitted to the National Assembly for approval at the 3rd Session 7 15th National Assembly. The Ministry of Finance is responsible for closely coordinating with the Ministry of Justice and providing all relevant records and documents to the Ministry of Justice according to regulations, ensuring progress in reporting to National Assembly agencies as required.
Previously, in Resolution 44/NQ-CP dated April 5, 2024, the regular meeting in March 2024 and the Government’s online conference with localities. The Government requests the Ministry of Finance to preside over and coordinate with agencies and localities to implement a number of tasks.
Accordingly, it is necessary to urgently research and submit to the Government and Prime Minister before April 30, 2024 to consider promulgating regulations on tax extension (value added tax, corporate income tax, personal income tax), special consumption tax on domestically produced cars…), reducing registration fees for domestically produced and assembled cars, reducing land and water surface rent. Promptly review and issue according to authority or submit to competent authorities for promulgation policies to reduce taxes, fees and charges as implemented in 2023 to continue to remove difficulties and support production and joint business activities.
The draft resolution will reduce the value-added tax rate by 2%, applicable to groups of goods and services currently applying the tax rate of 10% (to 8%), except for some groups of goods and services. following: telecommunications, information technology, financial activities, banking, securities, insurance, real estate business, metal production and production of prefabricated metal products, mining industry (not including coal mining), production of coke, refined petroleum, production of chemicals and chemical products, goods and services subject to special consumption tax. The application period for the 2% value added tax reduction specified above is from July 1, 2024 to December 31, 2024.
Government News | Anh Minh | 29/05/2024 | Translated by VIFUCO admin
