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Vietnam to Extend VAT Cut until Mid-2024 to Support Economy

Vietnam’s parliament on Wednesday decided to further extend a reduction in value-added tax (VAT) on goods and services until the end of June 2024.

The VAT cut to 8% from 10%, which has been in place since early 2022, was designed to boost domestic consumption and production as the Southeast Asian country’s export-driven economy faces headwinds from slowing global demand.

Source: Reuters

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