NA Standing Committee agrees on VAT reduction until year's end

Full-time legislators on June 13 agreed to continue with the 2 percent value-added tax (VAT) cut for certain goods and services from July 1 to the end of the year to back the country’s socio-economic recovery and development.

An overview of the meeting

At the 15th National Assembly (NA) Standing Committee's ongoing 34th session, NA Vice Chairwoman Nguyen Thi Thanh stressed that the continuation of the tax incentive from 10 percent to 8 percent will boost domestic consumption while motivating enterprises to maintain and develop their production and business.

NA Vice Chairman Tran Duc Hai requested the Government to collect opinions from the committee and inspection agencies to complete the draft resolution on the tax reduction before submitting it to the legislature for consideration.

The Government should work to ensure that the tax cut will not affect the state budget revenue and overspending estimates this year, he added.

At the event, lawmakers also gave opinions on amendments to the bill on the management and use of weapons, explosives and supporting tools, which they said should include specific articles on the management and use of highly lethal knives.

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