The finance ministry will study to propose the government to cut 50 percent of value added tax (VAT) on the government’s regular meeting on May 3rd, 2012.
The information was provided by Vuong Dinh Hue, the minister of Finance (MoF) at the conference on global economy adjustment and Vietnam’s challenges in 2012 held by the MoF and Asian Development Bank (ADB) on April 23.
MoF will meet with consultant groups, experts to discuss, adjust the businesses’ situation and suggest the specific solutions, including tax extension and VAT deduction, Hue said.
Vietnam’s economy got stability in the first quarter of 2012 but it there were also signs of decline and the government should have timely monetary and fiscal policies to remove difficulties for the business community, the Finance minister added.
The government has been directing authorised agencies to review, give priorities to some important sectors such as health, education… the vice prime Minster Vu Van Ninh said in the working session with the Ho Chi Minh city’s leaders.