Film Industry Urges VAT Reduction to 3% for Development Amid Proposed Increase to 10%

• Film industry businesses propose reducing VAT from 5% to 3%
• They sent a document to the National Assembly and Government opposing the proposed increase to 10%
• Stakeholders believe the increase is unreasonable and detrimental to the industry’s development
• The film industry has been heavily affected by the COVID-19 pandemic and is still recovering
• Changes in consumer habits and purchasing power are also impacting film businesses
• Businesses suggest a VAT reduction to 3% for film services to help overcome financial burdens and support industry growth.

Source: vietnamnews.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.

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