- Vietnam’s National Assembly has passed a resolution to extend the reduced value-added tax (VAT) rate of 8% until the end of next year, following a cut from 10% in early 2022 to support the economy post-COVID-19.
- The 8% VAT rate applies to most goods and services, with notable exceptions including telecommunications, financial services, insurance, real estate, stock trading services, and metal products.
- The tax cut is projected to result in a loss of 121.74 trillion dong (approximately $4.7 billion) in government revenue from July through the end of next year.
Sources
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