Accordingly, the Standing Committee of the National Assembly resolved to add to the 2023 Law and Ordinance Development Program to submit to the National Assembly for comments and approval at the 6th session (October 2023) according to the procedure at a session the following draft resolutions: Resolution of the National Assembly on applying additional corporate income tax according to regulations against global tax base erosion; Resolution of the National Assembly on reducing value added tax (reported to the National Assembly for resolution in the Resolution of the 6th Session, 15th National Assembly).
The Standing Committee of the National Assembly assigns the submitting agency, the agency in charge of reviewing and participating in reviewing these draft Resolutions. Specifically, the Government is the submitting agency; the National Assembly's Finance and Budget Committee is the agency in charge of reviewing; the Ethnic Council and other National Assembly Committees participate in reviewing.
Regarding the National Assembly's Resolution on value-added tax reduction, according to the proposal of the Ministry of Finance sent to the Prime Minister, the value-added tax reduction will continue to be implemented from January 1, 2024 to the end of June 2024.
The 2% reduction in value added tax rate is applied to groups of goods and services currently subject to a tax rate of 10% (to 8%), except for the following groups of goods and services: Telecommunications, information technology, financial activities, banking, securities, insurance, real estate business, metal production and production of prefabricated metal products, mining industry (excluding coal mining), coke production, refined petroleum, production of chemicals and chemical products, goods and services subject to special consumption tax.
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