Government proposes extending 8% VAT until end-2024 to support businesses and economic recovery

• Government proposes extending 8% VAT on certain goods and services until end-2024
• Emphasizes importance of addressing economic and social challenges promptly
• Support measures on taxes, fees, charges, and land rents to continue
• Consideration of extending 8% VAT until end of year instead of reverting to 10%
• Estimated decrease of VND23,488 billion in VAT revenue in first half of year
• Total VAT revenue reduction of VND47,488 billion in all of 2024
• Financial solutions and policies have yielded positive results in supporting businesses and citizens, stabilizing production and business activities, contributing to macroeconomic stability, and facilitating economic recovery and growth.

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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