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VAT lower proposed to prop up financial system


HCMC – The Tax Coverage Division below the Ministry of Finance has proposed revising down the value-added tax (VAT) from 10% to eight% for sure items and providers to spice up consumption and financial development.

The division proposed two choices for the VAT discount in a draft decision for the common Authorities assembly in March.

For the primary possibility, the VAT could be lowered by two share factors for these items and providers which might be at the moment topic to a ten% VAT. The VAT price for this group of products and providers could be 8% after the discount.

Relating to the second possibility, the VAT will likely be lower to eight% from the present 10%, apart from items and providers that already benefited from the earlier VAT discount as a part of the Authorities’s coverage to prop up the post-pandemic financial restoration program below the Nationwide Meeting’s Decision 43.

The tax discount is proposed to be applied from July 1 to December 31 this 12 months.

Beforehand, the 2022 VAT discount by two share factors was geared toward encouraging companies and people to step up manufacturing and consumption.

In keeping with the Ministry of Finance, the full quantity of tax reductions and exemptions below the Authorities’s coverage to prop up the post-pandemic financial restoration program final 12 months totaled an estimated VND50.2 trillion. Of which, the VAT lower from 10% to eight% was round VND38.9 trillion.

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