Government proposes extending VAT cut until year end
(VOVWORLD) - The Government has proposed extending the current cut in value-added tax (VAT) from 10% to 8% on specific groups of goods and services until the end of the year to support business and production activities.
In its proposal sent to the National Assembly, the Ministry of Finance held that it is necessary to study and propose relevant measures for 2024, including extending the 2% reduction in VAT, the payment deadline for corporate income tax, special consumption tax and personal income tax, and reduction of several fees and land rental, which were applied in 2023.
With the 2% tax cut in the second half of the year, the State budget will be slashed by nearly one billion USD.