- Vietnam extends VAT discount from 10% to 8% on certain goods and services until mid-2025 to boost consumption and economy
- The policy initially set to expire by the end of 2024 has been extended to stimulate consumer spending
- The extension is expected to reduce Vietnam’s tax revenue by approximately 25 trillion Vietnamese dong
- Experts believe the reduced VAT rate will encourage consumer spending and help in the early recovery of production and business activities
- The VAT discount was introduced in 2022 to aid recovery from the COVID-19 pandemic
- Over the past three years, the Vietnamese government has supported this policy with about 123.8 trillion Vietnamese dong
Source: chinapress.com.my
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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