“The Ministry of Finance (MoF) has proposed Việt Nam’s value-added-tax (VAT) reduction should continue until at least June 2025, saying the tax cut has provided both the business community and the economy with much-needed support.
According to the MoF, the two per cent VAT tax cut (from a ten per cent VAT tax rate ), first introduced in 2022, has amounted to VNĐ123.8 trillion (US$4.87 billion) while excluding several key industries, namely telecommunications, IT, finance, banking, property among others. The ministry’s proposal will see the state’s budget collection reduced by VNĐ25 trillion.
However, the ministry said the tax cut is still useful in stimulating consumer demand, in addition, it also helps businesses recover and plan for their next growth phase.” – Viet Nam News
Source: VAT Reduction Should Continue Untill Mid-2025
VAT Reduction Should Continue Untill Mid-2025
