- Vietnamese authorities have extended the 2 percent reduction in value-added tax (VAT) on specific goods and services until December 31, 2024
- The reduced VAT rate remains at 8 percent from July 1, 2024
- Certain industries like telecommunications, finance, IT, banking, and real estate do not qualify for the VAT reduction
- The VAT reduction was initially introduced in December 2023 and has been extended to the end of 2024
- The reduction applies to goods and services subject to a 10 percent VAT rate
- The VAT reduction has helped reduce input costs for businesses and stimulate domestic consumption in Vietnam
Source: aseanbriefing.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.
