Chi said fiscal and tax support policies have been put in place since the COVID-19 pandemic broke out. Last year alone, value added tax was reduced from 10% to 8% for almost items. Tax payment was delayed to support liquidity and cash flow of businesses, land taxes were also cut down while environmental protection taxes on petrol products were brought to the floor level.

Deputy Minister of Finance Nguyen Duc Chi speaks at the event.

The total support package amounted to VND 233 trillion (USD 10.1 billion) which was unprecedented, helping businesses, citizens and the whole economy to improve their resilience, he said.

According to the official, the MoF suggested the government consider and decide on the delayed payment of several kinds of taxes for businesses and people, as well as reduction of land lease costs.

Basically, the suggested support policies are similar to those applied in 2022, except adjustments related to kinds of goods and level of support.

The government is ready with other scenarios if support from fiscal policies is needed, Chi affirmed, adding that the government will smoothly manage monetary and other macro policies to ensure macro balance for stable economic development.

Source: VNA