According to the Finance Ministry, the continuation of VAT reduction aims to support enterprises and people.

Some groups of goods and services will not be subject to VAT reduction, such as telecommunications, information technology, financial activities, banking, securities, insurance, real estate business, metal production, mining industry (excluding coal mining), coke production, refined petroleum, chemical production, and goods and services subject to special consumption tax.

The VAT reduction is scheduled to take place from January 1 to June 30, 2024, resulting in a State budget reduction of 25 trillion VND.

The 2% VAT cut policy applied over three months from July to September 2023, helped to reduce 11.7 trillion VND for enterprises and people, contributing to fostering production and business, as well as stimulating consumption demand.

A VAT reduction package of 44 trillion VND was conducted in 2022, helping enterprises to overcome difficulties.

Bac Giang reforms tax procedures, facilitates citizens and businesses

(BGO) - The Bac Giang provincial Tax Department has recently paid due attention to reforming administrative procedures towards professionalism, transparency and efficiency, thereby creating favorable conditions for citizens and businesses to fulfill their tax obligations.

Taxation sector’s budget revenue reaches 36.6 billion USD in 7 months

The taxation sector’s total state budget revenue in the first seven months of 2023 was estimated at 868.6 trillion VND (36.6 billion USD), equal to 63.3% of the estimate, and 94.5% compared with that of the same period last year, the General Department of Taxation released on August 4.

4 out of 15 tax revenues exceed yearly estimate

(BGO) – Since early this year, 4 out of 15 tax revenues in Bac Giang province have exceeded the assigned yearly estimate, reported the provincial Taxation Department.

Value-added tax cut welcomed

Consumers and producers are happy to see the implementation of the 2% reduction of value-added tax (VAT) for products starting from July 1.

Tax collection from FDI enterprises exceeds yearly estimate

(BGO) – For the first six months of this year, the foreign direct investment (FDI) businesses in Bac Giang province has contributed nearly two trillion VND (85.3 million USD) to the budget collection, exceeding 19 percent of the yearly estimate.

Source: VNA