National Assembly Approves VAT Reduction from 10% to 8% for Goods and Services

• The 15th National Assembly approved a resolution to reduce VAT from 10 percent to 8 percent.
• The reduction applies from July 1 this year to December 31 next year.
• The resolution was passed with 94.6 percent approval from deputies.
• The VAT cut excludes sectors like telecommunications, finance, banking, securities, insurance, real estate, metal products, mineral products (except coal), and goods subject to special consumption tax (except petrol).
• The new resolution includes transportation, logistics, and IT products and services.
• The VAT reduction may decrease state budget revenue by VNĐ39.54 trillion this year and VNĐ82.2 trillion next year.
• The measure aims to boost production and business activities, potentially increasing state budget revenue.

Source: vietnamnews.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.