Value-added tax to be cut to 8 pct from February

Created 15 January 2022
  • PDF
Editor Choice
Share
(0 votes, average 0 out of 5)

A draft government decree reduces value-added tax on many products and services from the current 10 percent to 8 percent from Feb. 1.
Value-added tax to be cut to 8 pct from February

The decree on tax reduction to foster economic recovery approved by the National Assembly will also make expenses on pandemic prevention deductible.

The VAT cut will lead to a loss of some VND49.4 trillion (over $2.1 billion) in revenues, according to the Ministry of Finance.

The deductible expenses will lead to a loss of VND2 trillion.

The lower VAT rate will not apply to telecommunications, information technology, financial activities, banking, securities, insurance, real estate, metal and prefabricated metal products, mining (excluding coal), coke, refined petroleum, chemicals and chemical products, and goods and services subject to excise tax.


Source: VNE

Maybe You Also Interesting :

» Yên Tử application for UNESCO recognition to be completed this year

The three northern provinces of Quảng Ninh, Hải Dương, and Bắc Giang will complete a scientific dossier seeking UNESCO world heritage recognition...

» Rich primate species in Việt Nam threatened: WWF report

About 25 different primate species found in Việt Nam out of total 44 call the Greater Mekong home, but these unique species are increasingly threatened by...

» List of new national intangible cultural heritages and relics announced

The crafts of making sauce fish and rice paper in the southern province of Phú Yên, or the art of decorating traditional clothes of Black Lô Lô ethnic...