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Challenges Faced by Businesses in Declaring Goods Eligible for VAT Cut

  • Businesses facing difficulties in claiming goods eligible for government’s 2% tax cut
  • Support programme offers 8% VAT rate for certain goods post-COVID-19
  • Economists and industry leaders call for extension of support programme
  • Implementation challenging due to classification issues for goods and services
  • Businesses unsure which products and services are eligible for tax cut
  • Compliance and transparency in financial data necessary for businesses
  • Programme helps relieve pressure on struggling businesses post-COVID-19
  • Classifying and issuing financial invoices for products and services becoming complicated
  • Economic policies should be linked to business development and stability
  • Difficulties in determining VAT rate leading to hiring extra accountants and contract disputes
  • Chamber suggests bringing VAT rate down to 8% across the board.

Source: vietnamnet.vn

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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