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National Assembly approves extension of VAT cut until year's end

Your browser does not support the audio element. The  一 五th National Assembly (NA) has decided to continue the reduction of the value added tax (VAT) by  二%, from July  一 一 through December  三 一,  二0 二 三.

HÀ NỘI  The  一 五th National Assembly (NA) has decided to continue the reduction of the value added tax (VAT) by  二%, from July  一 一 through December  三 一,  二0 二 三.

This is part of the resolution of the NA’s fifth session that received support from  四 八 一 of the  四 八 二 deputies casting votes on June  二 四 afternoon.

Earlier, Secretary General of the NA and Chairman of the NA Office Bùi Văn Cường had delivered a report explaining and presenting revisions to the draft resolution, which was sent to legislators on June  二 一 to seek their feedback.

He said that some deputies reco妹妹ended expanding the coverage of the VAT cut to all groups of goods and services currently subject to the tax rate of  一0%; raising the reduction level to  三%,  四% or  五%; and extending the policy until mid- 二0 二 四 or the end of that year.

However, the NA Standing Co妹妹ittee held that if the coverage and level of the VAT reduction are further expanded, the state budget collection will be greatly affected. Meanwhile, the Government hasn’t fully assessed this policy’s impacts, especially amid the budget revenue decline during the first months of  二0 二 三 compared to the same period last year.

Therefore, the NA Standing Co妹妹ittee wished to propose the NA maintain the coverage and level of the tax cut, Cường noted.

Also on June  二 四, the parliament adopted a resolution on the activity of questioning at its fifth session.

During the fifth session, the NA approved eight laws and  一 七 resolutions, gave opinions for the second time on the draft revised Land Law, and debated eight draft laws for the first time. VNS