- The National Assembly Standing Committee discussed a draft resolution to reduce VAT for the last 6 months of 2025 and the entire year of 2026.
- The proposal includes a 2 percent VAT reduction for goods and services currently taxed at 10 percent, excluding certain sectors like telecommunications, finance, banking, securities, insurance, real estate, metal products, and mining products except coal.
- The reduction aims to support production, business, tourism, and domestic consumption.
- The VAT reduction will not apply to goods subject to special consumption tax except gasoline.
- The implementation period is from July 1, 2025, to December 31, 2026.
- The expected reduction in state budget revenue is approximately 121.74 trillion VND over the specified period.
- The tax reduction is anticipated to lower product and service costs, boost production and business, create jobs, and stabilize the macroeconomy.
- For citizens and businesses, the 2 percent VAT reduction will decrease consumption costs and production expenses.
Source: baochinhphu.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.
