According to the General Statistics Office ( Ministry of Planning and Investment ), in the first 4 months of the year, 81,300 enterprises registered for new establishment and returned to operation, an increase of 3% over the same period last year. However, there were also 86,400 enterprises withdrawing from the market, much higher than the number of newly established enterprises and an increase of 12.2% over the same period last year.
The main reasons why businesses have to leave the market are mainly due to ineffective business operations, "thirst" for capital, lack of investment funds and difficulties in finding orders.
The Government issued Resolution No. 44/NQ-CP at the regular Government meeting in March 2024 and the online conference between the Government and localities, directing the Ministry of Finance to urgently consider and promulgate under its authority or submit to competent authorities to promulgate policies to reduce taxes, fees and charges as implemented in 2023 to continue to remove difficulties and support production and business activities.
Recently, the Ministry of Finance has submitted a document to the National Assembly for consideration and permission to continue reducing 2% of value added tax (VAT) for a number of groups of goods and services currently applying 10% VAT until the end of 2024; extending VAT, corporate income tax, special consumption tax, personal income tax; reducing the collection of a number of fees and charges and reducing land rent as applied in 2023,...
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According to calculations by the Ministry of Finance, continuing to reduce VAT by 2% in the last six months of the year will cause the state budget to reduce revenue by about VND 24,000 billion, and for the whole year of 2024, it is expected to reduce revenue by more than VND 47,000 billion.
According to calculations by the Ministry of Finance, continuing to reduce VAT by 2% in the last six months of the year will cause the state budget to reduce revenue by about VND 24,000 billion, and for the whole year of 2024, it is expected to reduce revenue by more than VND 47,000 billion.
However, the implementation in recent times has shown that this is the most effective policy among the support packages for people, businesses, and the economy recovering from the Covid-19 pandemic and has received consensus, support, and appreciation from the whole society. The 2% VAT reduction until the end of 2024 also stimulates increased domestic consumption, reduces costs for businesses, contributes to reducing the cost of goods and services, ensures competitiveness and recovery of businesses in the current context.
From there, businesses can increase profits, promote production and business, create momentum for growth, expand production scale to maintain jobs for workers, as well as contribute to stabilizing the macro economy and recovering the economy.
Economic experts believe that it is necessary to continue implementing support solutions on taxes, fees, and charges. In addition to maintaining fiscal policies to open up capital flows for businesses, the Government and the National Assembly need to continue to have more policies to promote disbursement of public investment capital, exempt and reduce taxes and fees, promote consumption, stimulate domestic consumption and tourism, and support economic recovery.
The promulgated policies need to have specific instructions to completely overcome the overlapping situation in implementation and deployment in a simple, quick and effective manner. The new policy must have a widespread impact on the economy, be practical and create favorable conditions for people and businesses to access similar to the 2% VAT reduction policy, thereby strengthening market confidence and creating new development space for businesses.
With support policies implemented synchronously and bringing about real effectiveness, it will certainly help the business community adapt, proactively build development strategies and grow stronger, becoming a pillar of the country's economy.
According to NDĐT
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