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Tuesday, July 23, 2024

Continued VAT reduction

By An Nhien

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A new content that has been added to the agenda of the National Assembly’s sixth sitting is to review the Government’s proposal to maintain the value added tax reduction of two percentage points for the first half of 2024. This is a reasonable move given economic uncertainties and hardships facing the country. In its proposal, coded 621/TTr-CP, the Government noted that in the aftermath of the prolonged Covid-19 pandemic, enterprises are still mired in hardships: the number of enterprises exiting the market or suspending business in the year to end-October had risen 20% year-on-year. In this year’s ten-month period, the export revenue fell 7.1% year-on-year while the import value tumbled 12.3%. The State budget revenue totaled VND1,398.7 trillion, meeting 86.3% of the year’s target. In the coming time, the global economy will continue to be overshadowed with uncertainties. The Global Economic Prospects June 2023 report of the World Bank and the OECD Economic Outlook observed that the global economy remains fragile with protracted inflation and high risks despite improvements to some extent in early 2023. In Vietnam, despite the ongoing recovery and positive outlooks are seen in certain sectors alongside good impacts from new policies, new challenges and difficulties still […]
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