Reporting to the National Assembly for considering VAT reduction in the second half of 2024

The Government assigned the Ministry of Finance to report to National Assembly for consideration and allow implementation in the second half of 2024. Photo: H.Anh

The Government has just issued Resolution No. 44/NQ-CP at the regular Government meeting in March 2024 and the Government's online conference with localities.

In this Resolution, the Government assigns the Ministry of Finance to chair and coordinate with agencies and localities to continue strengthening financial discipline, promoting the application of digital transformation, improving the efficiency in state revenues collection and expenditures; ensuring correct, complete and timely collection, and preventing revenue loss, especially for food and drink business services, restaurants, e-commerce, and business on cross-border platforms…; thoroughly cut regular expenses and spending tasks that were not urgent.

At the same time, the Ministry of Finance was assigned to urgently research and submit to the Government and Prime Minister before April 30, 2024 to consider and promulgate regulations on tax extension (VAT, CIT, PIT, SCT for domestically produced cars...), reduce registration fees for domestically produced and assembled cars, and reduce land and water surface rental fees.

The Government assigns the Ministry of Finance to promptly consider and promulgate under its authority or submit to competent authorities to promulgate policies to reduce taxes, fees as implemented in 2023 to continue removing difficulties and supporting production and business activities.

The Ministry of Finance is also assigned to urgently review and synthesize expenditures that have met all procedures and conditions for allocation following Resolution No.105/2023/QH15 of the National Assembly on central budget allocation in 2024, and proposed to competent authorities before April 10, 2024.

Furthermore, actively review and complete the Project on establishing and developing a carbon market in Vietnam, reporting to Deputy Prime Minister Tran Hong Ha before consulting with the National Steering Committee to implement Vietnam's commitments at COP26 following the instructions in Notice No. 09/TB-VPCP dated January 11, 2024.

Researching and regulating subjects that must deploy electronic invoices initiated from cash registers, medium-sized business households using the presumptive tax method (determined by the number of employees) using electronic equipment and cash register that is connected to the agency in the process of amending Decree No. 123/2020/ND-CP.