Drilling people's health
As manager of the Mega Market supermarket chain, Director of the Northern region, Mr. Nguyen Anh Phuong witnessed the clear benefits from the 2% value added tax (VAT) reduction policy.
When the Government agreed to extend this tax reduction policy until mid-2024, Mr. Phuong appeared very excited, because "when customers benefit, we also benefit" - Mr. Phuong said.
In fact, after the COVID-19 pandemic, people's purchasing power decreased, but Mr. Phuong personally noticed that purchasing power has gradually improved since the 2% VAT reduction policy.
Mega Market supermarket serves both professional customers such as hotels, restaurants, canteens and direct consumers, so with this support policy, "everyone benefits".
"Having the VAT reduction policy, supermarkets can also feel secure in maintaining the price level, helping to maintain stable service and especially retain customers" - Mr. Phuong said.
Looking back at the period from 2021 until now, the consistent ideology in applying fiscal policy of the Ministry of Finance has always been to be flexible and reasonably expand, to create favorable conditions for recovery and development of operations. production and business of the enterprise.
In a sharing with the Financial Times (the mouthpiece of the Ministry of Finance) in May 2024, Minister of Finance Ho Duc Phoc said: "We think that tax support, nurturing revenue , improving people's health is very necessary, but at the same time focusing on perfecting legal policies, freeing resources, removing difficulties in capital, market, legal... for businesses to develop is extremely important and is a solid foundation for sustainable development".
Accordingly, policies on tax exemption, reduction, extension, registration fee reduction, delayed payment of land rent, expanding budget deficit, and increasing social security support have been applied quite a lot to restore the economy . economy after the shock of the pandemic.
It can be said that fiscal policy has well fulfilled its role and mission as a macroeconomic adjustment tool for the State in the period of economic recovery and development after the pandemic.
Efforts of the Ministry of Finance
Since the COVID-19 pandemic, under the direction and management of the Government, the Ministry of Finance has issued and submitted to competent authorities for promulgation many important mechanisms and policies to implement fiscal policy to eliminate remove difficulties for businesses.
Results of implementing the expansionary fiscal policy through exemption, reduction, and extension of taxes, fees, charges, land rent, and land use fees to support people and businesses, with an amount of about 700,000 billion dong.
Not only reducing VAT, the Ministry of Finance has sent an official dispatch to report to the Prime Minister allowing the development of a decree to extend the deadline for paying VAT, corporate income tax (CIT), and personal income tax (PIT). and land rent in 2024; Decree to extend the deadline for payment of special consumption tax (SCT) for domestically produced or assembled cars according to shortened procedures and procedures, so that the policy can soon come to life.
The Ministry of Finance has issued many Circulars on estimating and operating the annual state budget for the period 2022 - 2024; Advise and propose financial and state budget tasks and solutions to complete tasks in the Government's Resolutions and the National Assembly's Resolutions.
Monitoring the implementation process shows that the Ministry of Finance has closely followed the situation, proactively monitored, compiled data, and reported to evaluate the implementation of state budget revenues and expenditures; Submit to competent authorities additional resources to implement salary reform according to Resolution No. 27-NQ/TW of the Central Executive Committee to implement salary reform from July 1, 2024; Promulgate solutions to practice savings, combat waste, cut regular and non-budget expenses to ensure balance of the state budget and devote more state budget resources to support people in difficulty.
Minister Ho Duc Phoc said, "More than half of the term has passed, the country has overcome many storms and challenges and is ready to enter a new stage of development".
The Ministry of Finance's efforts in advising, developing and implementing fiscal policy have been contributing to helping the economy overcome difficulties. Production and business activities and economic growth recovered well.
In 2021, although GDP is estimated to only increase by 2.58% over the same period last year, it cannot be denied that the cause is the serious effects of the COVID-19 epidemic, which is still gradually seeping into all areas of the economy. economy. In the context of closely preventing the epidemic while maintaining production and business activities, this result is considered a great success.
By 2022, we have achieved impressive results when after 36 years of innovation, the scale of Vietnam's GDP reached about 406.45 billion USD, an increase of about 50 times. In particular, in the period 1986 - 2022, Vietnam is in the top 5 countries with the largest economic growth in the world.
By 2023, our country's economy will continue to recover and grow, with GDP reaching 430 billion USD, growing at 5.05%, 1.5 times higher than the economy's growth rate of 2.9%. global.
In 2024, Vietnam has passed more than half of the journey in the context of the world economy gradually recovering but precariously, facing many risks and uncertainties. Vietnam's GDP growth reaches 6.42% (by the end of the second quarter of 2024) - this is quite a high growth rate.
