Discussion of a group of National Assembly deputies. Photo: Ngoc Anh VOV5 |
The draft stipulates 2% reduction of value-added tax rate, applicable to groups of goods and services currently subject to a tax rate of 10%, except for telecommunications, financial activities, banking, securities, insurance, real estate business, metal products, mining products (except coal), goods and services subject to special consumption tax (except gasoline). The revised resolution will take effect from July 1, 2025 to December 31, 2026.
The value-added tax cut has been considered since 2022 when businesses were facing difficulties and the economy was ravaged by the COVID-19 pandemic.
 Ngo Trung Thanh (standing), National Assembly deputy of Dak Lak province, speaks at the group discussion. |
Le Minh Nam, a National Assembly deputy of Hau Giang province, said he agrees with the Government's proposal. "Expanding subjects eligible for VAT reduction is very necessary, in order to support businesses, stabilize the macro economy, and promote economic growth in the current difficult economic context."
"However, a more thorough assessment of the impact on State budget revenue is needed, ensuring that the policy enforcement is linked to the goal of medium-term fiscal stability and public debt safety, consistent with other tax policies, such as environmental protection tax and special consumption tax," Nam said.
