The Ministry of Finance was asked to work with the Ministry of Justice and other relevant ministries and agencies on the drafting of the resolution, and report to the Government before April 25.
Under the proposal, the ministry suggested a VAT reduction from 10% to 8% for a number of goods and services, along with a 20% cut in the percentage of goods for VAT calculation for business establishments, including business households and individuals.
The ministry suggested that the policy, which is expected to boost the economy, should be applied until December 31. It estimated that the policy will result in a reduction of nearly 247 million USD monthly for the State budget's revenue.
Besides, the MoF also proposed a reduction on about 35 kinds on fees and charges from July 1 to December 31./.
