NA agrees to extend 2% VAT reduction to the end of 2024
(VOVWORLD) - 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.
 NA Chairman Tran Thanh Man chairs the meeting. (Photo: An Đăng/VNA) |
The National Assembly Standing Committee on Thursday discussed the reduction of 2% value added tax for a number of goods and services which are currently subject to a tax rate of 10% at the request of the Government at the 7th session of the 15th National Assembly.
The Government proposes the National Assembly to extend the policy of 2% VAT reduction being applied to a number of goods and services since the beginning the year. The NA deputies said that the economy is recovering but still faces many difficulties. The extension of the VAT exemption and reduction will motivate consumers to increase spending while maintaining economic recovery trend.
National Assembly Chairman Tran Thanh Man said that competent agencies agreed in principle and assigned the Government and Finance and Budget Committee to continue finalizing the draft Resolution to submit to the National Assembly for approval at the 7th session to stimulate consumption, production, and growth momentum.