- The Ministry of Finance plans to reduce value-added tax (VAT) on goods and services subject to a 10% VAT rate, which will contribute to reducing prices and directly reducing the costs for consumers in purchasing goods and services.
- The policy is expected to reduce state budget revenue by about 4,175 trillion VND per month, equivalent to about 25 trillion VND for the first 6 months of 2024.
- To offset the impact on state budget revenue in the short term, the Ministry of Finance will coordinate with relevant ministries and localities to effectively implement tax laws, modernize the tax system, simplify administrative procedures, and strengthen tax management.
- The policy aims to stimulate domestic consumption and contribute to economic growth and job stability in 2024.
Source: baochinhphu.vn
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
