Tax and fee reduction and extension totals $3.58 bln in 8M

The Government cut, extended, or waived taxes, fees and land costs worth about VND89.8 trillion ($3.58 billion) in the first eight months of the year, according to the Ministry of Finance (MoF).

The ministry said tax and customs agencies continued to implement the policies as part of Government measures to support people and businesses.

The MoF had proposed the Government to issue policies on a range of tax and fee reduction and extension in 2024, totaling nearly VND200 trillion ($7.98 billion). These include extensions and reduction of value-added tax (VAT), corporate income tax, personal income tax, excise tax, and land rental fee.

Since the beginning of the year,  the reduction of environmental protection tax on fuel has been applied under a resolution adopted by the National Assembly.

In the latest move, the Government decided to cut registration fees for domestically manufactured and assembled cars by 50% for three months, from September 1, 2024 to November 30.