- 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.
