Vietnam to Reduce VAT by 2% Until End of 2024, Boosting Economic Activities and Competitiveness

• Vietnam will reduce value-added tax (VAT) by 2% until the end of 2024
• The government passed a resolution based on recent decisions made by the National Assembly
• Certain sectors such as telecommunications, finance, banking, securities, insurance, and real estate will continue to enjoy an 8% VAT preferential benefit (2% reduction) until the end of this year
• Extending the tax reduction period by 6 months is expected to reduce the national budget in the second half of 2024, while also stimulating business activities and contributing more to the national budget
• The resolution aims to reduce production costs, lower product prices, enhance business competitiveness, and help save consumer spending.

Source: vietnam.vnanet.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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