NA Standing Committee agrees on VAT reduction until year's end
Full-time legislators on June 13 agreed to continue with the 2% value-added tax (VAT) cut for certain goods and services from July 1 to the end of the year to back the country’s socio-economic recovery and development.
Full-time legislators agree to continue with the 2% VAT tax cut until the end of the year. (Photo: VNA)
Hanoi (VNA) – Full-time legislators on June 13 agreed to continue with the 2% value-added tax (VAT) cut for certain goods and servic♛es from July 1 to the end of the year to back the country’s socio-economic recovery and development.
At the 15th National Assembly (NA) Standing Committee's ongoing 34th session, NA Vice Chairwoman Nguyen Thi Thanh stressed that the continuation of the tax incentive from 10% to 8% will boost domestic consumption while motivating enterprises to maintain and develop their production and business.
NA Vice Chairman Tran Duc Hai requested the Government to collect opinions from the committee and inspection agencies to complete the draft resolution on the tax reduction before submitting it to the legislature for consideration.
The Government should work to ensure that the tax cut will not affect the state budget revenue and overspending estimates this year, he added.
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The Ministry of Justice held a meeting to appraise the draft resolution of the National Assembly on VAT reduction, which was chaired by Deputy Minister Tran Tien Dung.
Some legislators on May 25 proposed the 2% reduction in value-added tax (VAT) under a resolution of the National Assembly (NA) be extended to continue supporting the country's socio-economic recovery and development.
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