Headlines 11/10/2023 14:41 CH

Vietnam’s proposal on continuation of reduction of VAT by 2% in the first 6 months of 2024

Hương Trà

On October 4, 2023, the Government of Vietnam promulgated Resolution No. 164/NQ-CP on the periodic meeting session of the Government of Vietnam in September 2023 and the online meeting session of the Government of Vietnam with local authorities.

According to the Resolution, the Government of Vietnam assigns the Ministry of Finance of Vietnam to:

Request the National Assembly of Vietnam to continue reducing VAT by 2% in the first 6 months of 2024 and assign the Standing Committee of the National Assembly to take charge of the consideration and decision in the interval between 2 meeting sessions of the National Assembly of Vietnam if the situation of the economy and enterprises still has difficulties and submit reports to the National Assembly of Vietnam in the nearest meeting session and the Prime Minister of Vietnam before October 7, 2023

Additionally, the Prime Minister of Vietnam also requests the Ministry of Finance of Vietnam to:  

- Focus on drastically and efficiently implementing measures to ensure that the state budget collection in 2023 achieves the estimate assigned by the National Assembly of Vietnam and ensure the correct, sufficient, and prompt collection and extension of collecting facilities, especially from e-commerce, digital platforms, etc., and prevent tax loss, especially for food services and economic activities at night.

Regulate state budget expenses in 2023 closely according to the assigned estimate to thoroughly cut unnecessary recurrent expenses and spending tasks.

- Continue the efficient implementation of promulgated policies on exemption, reduction, and deferral of taxes, fees, and land rent. Regarding policies effective until the end of 2023, proactively study, review, consider, and promptly propose and report deferral authorities in necessary cases to continue resolving difficulties for production, business, and people's lives.

- Take charge and agree with the Ministry of Transport of Vietnam and concerned local authorities on the expenses from the increased collection and savings in 2021 to be allocated to 3 projects on construction of road expressways following the directive of the Government of Vietnam according to Point c Clause 3 Section I of Resolution No. 144/NQ-CP 2023, submit report to the Prime Minister of Vietnam, include the report to the report on assessment of the implementation of state budget estimates in 2023 and 2024 for submission to the National Assembly of Vietnam for permission to transfer funding sources to 2023.

See more details in Resolution No. 164/NQ-CP dated October 4, 2023.

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