Monday , June 17 2024

National Assembly approves 2-point VAT cut

The National Assembly has agreed to reduce Vietnam’s value-added tax (VAT) from 10% to 8% until the end of 2023, but not for some sectors including real estate and banking.

Other sectors not covered by the reduced tax, which was agreed on Saturday and will take effect July 1, include telecommunications, information technology, finance, securities, insurance, metal products, mining products, refined petroleum, chemical products and items subject to special consumption tax.

The National Assembly has asked the government to implement the tax while ensuring that it does not affect 2023 budget revenue and the year’s overspending estimate.

The government is expected to report the results of the new tax rate to the assembly at another session at the end of the year.

In previous discussions, some lawmakers proposed that all sectors be eligible for the tax discount, as many were facing difficulties.

Others suggested that the tax be brought down to 3-5% and the reduction be applied throughout 2024.

But the National Assembly Standing Committee said the government has not fully evaluated the impact of the tax rebate, which is expected to cost the government $1.02 billion.

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