Accordingly, the National Assembly resolved to reduce the value added tax rate by 2%, applicable to groups of goods and services currently subject to a tax rate of 10%, except for some groups of goods and services such as: telecommunications, financial activities, banking, securities, insurance, real estate business, metal products, mining products (except coal), goods and services subject to special consumption tax (except gasoline).
Presenting the report on acceptance and explanation, Finance Minister Nguyen Van Thang said that some opinions suggested applying a 2% value added tax reduction for all goods. However, there were also opinions suggesting that instead of reducing 2% for many subjects, a 4-5% reduction should be applied to the right subjects in need of support.
On the morning of June 17, the National Assembly passed a Resolution on reducing value added tax with 452/453 delegates present voting in favor.
According to Minister Thang, in the draft Resolution, the Government proposed to continue reducing the tax rate by 2% for groups of goods and services currently applying a tax rate of 10%, that is, to 8%, except for some groups of goods and services that are not subject to reduction.
This draft Resolution expands the subjects eligible for tax reduction compared to the provisions in previous National Assembly resolutions and extends the tax reduction period until the end of 2026. In particular, transportation, logistics, goods, information technology services, etc. are eligible for tax reduction.
In addition, according to the provisions of the law on value added tax, teaching, vocational training and medical services are not subject to tax, so there is no need to reduce tax.
In addition, services such as finance, banking, securities, and insurance are not subject to value-added tax, so there is no need to reduce taxes. Telecommunications and real estate services are sectors that have grown in recent times and are also not subject to tax reduction according to the National Assembly's resolution.
Therefore, the drafting agency would like to keep the plan as in the draft resolution.
Minister of Finance Nguyen Van Thang explains to the National Assembly
The Minister of Finance said that according to the plan submitted by the Government, the expected reduction in state budget revenue in the last 6 months of 2025 and the whole year of 2026 is about 122,000 billion VND.
The Minister of Finance also affirmed that reducing value added tax has the effect of reducing budget revenue but also has the effect of stimulating production and promoting business activities, thereby contributing to creating more revenue for the State budget.
In order to compensate for the revenue shortfall due to policy implementation, the Government will focus on directing the State budget collection, strengthening management, reforming administrative procedures, promoting digital transformation in tax management, especially in key areas and areas, land revenue, real estate transfer, e-commerce activities, and business activities on digital platforms.
Accordingly, the target of striving for state budget revenue in 2025 is about 10% higher than the estimated implementation in 2024.
Source: https://phunuvietnam.vn/quoc-hoi-chot-giam-2-thue-vat-den-het-nam-2026-mo-rong-nhieu-dich-vu-hang-hoa-20250617091858264.htm
Comment (0)