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Reduces value-added tax fuels production recovery

BAC GIANG - On June 30, the Government issued Decree 44 stipulating the reduction policy for value-added tax (VAT) in line with National Assembly’s Resolution 101 dated June 24, 2023.  Accordingly, many groups of goods and services are entitled to VAT reduction from 10% to 8%, thereby helping businesses and people recover production and business after the impact of the Covid-19 pandemic.

Dual benefit

Since July, local businesses and people have all benefited from the reduction of VAT during trading, importing and exporting of goods in line with the regulations.

Reduces value-added tax, Bac Giang province, fuels production recovery, Decree 44, reduction policy, recover production

The paper production line of Bac Giang Import-Export Joint Stock Company.

Bac Giang Import-Export Joint Stock Company is one of them. The Company Deputy CEO Ha Ngoc Hoa said thanks to applying Decree 44, the Company received a tax reduction of about 3.5 billion VND (149,000 USD) in July. 

As schedule, from August to the end of this year, the Company will be reduced by nearly 18 billion VND in VAT. It helps businesses have more resources to buy raw materials and fuel for production and business activities.

A special feature is that reducing input tax on the import of raw materials helps lower product prices, stimulate the consumption and benefit people. For the past 7 months, the company's revenue has reached more than 1.3 trillion VND, accounting for over 76 percent of the yearly plan.

Similarly, Phu Vuong Company Limited in Yen Dung district, which is specialized at manufacturing civil wood furniture, also received a VAT reduction of tens of millions VND.

Implementing Decree 44, not only businesses but also customers in local supermarkets and shops are offerred VAT reduction. The commercial centers, restaurants hotels in the province has strictly implemented the adjustment and reduction of VAT for services in line with the regulations so as to ensure the interests of customers.

Strictly implement tax reduction policy

Decree 44 was issued as an appropriate policy at the present time to promptly support people and businesses to overcome difficulties after the Covid-19 pandemic, boost production and business as well as stimulate consumer demand.

Reduces value-added tax, Bac Giang province, fuels production recovery, Decree 44, reduction policy, recover production

The tax staff in Tax Division controlling Lang Giang – Luc Nam area instructs people to search for VAT reduction policy.

According to the tax sector, the reduction of VAT from July to the end of this year will help businesses and people in the province save hundreds of billions VND.

According to Deputy Director of the provincial Tax Department Nguyen Van Hung: “To popularize Decree 44, right from the middle of June, the provincial Tax Department organized a wide dissemination to the people and businesses in many ways on the website of the tax sector and integration into a number of conferences. Particularly, the provincial Tax Department appointed staff to directly receive feedbacks from people and organizations to guide and answer their questions. Over the past month, tax officials have received many phone calls and documents asking about policies and items eligible for tax reduction."

Receiving the problems of businesses and people, the provincial Tax Department has guided and answered for each specific case in writing or by phone.

To ease the business and people in calculating and monitoring the reduced VAT, the Tax Department has guided them to calculate tax by deduction method.

After instruction, the provincial Tax Department strengthens the inspection and strictly handles organizations and individuals violating the policy in order to ensure the interests of people and businesses.

Minh Linh
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Reduces value-added tax, Bac Giang province, fuels production recovery, Decree 44, reduction policy, recover production
 
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