Resolution 72/NQ-CP approves to reduce VAT rates for certain goods and services from 10% to 8% until December 31, 2023

The Vietnamese government has issued Resolution 72/NQ-CP, which approves a proposal to reduce value-added tax (VAT) rates for certain goods and services from 10% to 8% until December 31, 2023. Businesses will calculate VAT on their revenues reduced by 20% for these goods and services. The proposed reduction in VAT is expected to contribute to lowering the cost of goods and services, encouraging business activities, creating more jobs, and stabilizing the macroeconomy. The estimated reduction in state budget revenue is about VND 5.8 trillion per month, equivalent to VND 35 trillion if applied over the last six months of the year.

Source: baochinhphu.vn

---

---