- VAT rate reduced to 8% from 10% for specified goods and services
- Reduction applies to telecommunications, financial activities, banking, securities, insurance, real estate, metals, mining products, special consumption tax items, and specified IT services
- Businesses using deduction method can apply 8% rate
- Business households and individual businesses get 20% reduction in VAT calculation rate
- Decree effective from July 1 to Dec. 31
Source: news.bloombergtax.com
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.
