18/11/2024

Impact of the policy of reducing value added tax by 2% in the first 6 months of 2025 on the economy and businesses

The Government has just issued it Resolution 218/NQ-CP dated November 12, 2024, which mentioned submitting to the National Assembly for permission 2% off value added tax (VAT) in The first 6 months of 2025. 

– Accordingly:

Thoroughly grasp and effectively implement important Resolutions and Conclusions:

      • Comprehensively implement the Resolutions and Conclusions of the Central Committee, the Politburo, and the National Assembly, especially Conclusion 97-KL/TW in 2024 of the 10th Central Conference.
      • Implement the General Secretary’s direction on building and perfecting laws and unlocking resources to promote development, combat waste, and bring the country to comprehensive and breakthrough development.

Take advantage of opportunities, solve challenges, persevere in growth goals:

      • Take advantage of favorable factors, transform challenges into opportunities to realize socio-economic development goals.
      • Strive to achieve GDP growth in the fourth quarter at 7.4 – 7.6%, over 7% for the whole year, and at the same time complete all 15 socio-economic targets set for 2024.

– In Resolution 218/NQ-CP, The Government has assigned the Ministry of Finance to preside and coordinate with relevant agencies to carry out the following key tasks:

Implement economic support tax policy in 2025:

      • Summarize, evaluate and advise on promulgating or submitting to competent authorities for approval policies on tax exemption, reduction, extension of taxes, fees and land use fees.
      • Ensure these policies are implemented right from the beginning of 2025, especially continuing to extend the reduction of value added tax (VAT) in the first 6 months of 2025, preparing a report to the National Assembly at the 8th Session. .

Develop a National Strategy on waste prevention and combat:

    • Research, advise, and propose the National Strategy on waste prevention and combat.
    • Follow the direction of the General Secretary and report to the Prime Minister in November 2024.

Click here to see details  Resolution 218/NQ-CP November 12, 2024.