Hanoi (VNA) – ꦉThe Vietnamese Government has recently issued a decree, deciding to extend a reduction in value-added tax (VAT) until the end of June 2025.
The VAT cut to 8% from 10%, which has been in place since early 2022, was designed to support individuals and businesses in recovering from the impact of COVID-19 pandemic, with the funding now reaching 123.8 trillion VND (4.86 billion USD).
Under Decree No.72 previously issued by the Government, the VAT reduction on certain groups of goods was set to expire on December 31, 2024.
According to newly-issued Decree No.180, which took effect from January 1, the policy applies to goods and services currently subject to a 10% tax rate. However, the regulation excludes specific categories of goods and services, including telecommunications, information technology, financial services, banking, securities, insurance, real estate businesses, metals and prefabricated metal products, mining products (excluding coal mining), coke, refined petroleum, chemical products, and goods and services subject to special consumption tax.
According to the Ministry of Finance, the extension would result in a budget deficit of around 25 trillion VND, yet it is is expected to reduce living expenses, helping people save more and, in turn, stimulate demand and boost consumption.
The ministry believes that this measure will support the recovery of production and business, thereby contributing back to the state budget and the economy./.
The 15th National Assembly approved an extension of the 2% value-added tax (VAT) reduction. The reduction applies to specific goods and services listed in Point a, Section 1.1, Clause 1, Article 3 of Resolution No. 43 on fiscal and monetary policies to support the Socio-Economic Recovery and Development Programme. The extended policy will be effective from January 1, 2025 to June 30, 2025.
The Ministry of Finance (MoF) has proposed Vietnam's value-added-tax (VAT) reduction should continue until at least June 2025, saying the tax cut has provided both the business community and the economy with much-needed support.
The Government on June 30 issued a decree regulating a reduction in value-added tax (VAT) on goods and services from July 1 to December 31, in accordance with Resolution 142/2024/QH15 adopted by the National Assembly on June 29.
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