HCMC – The Ministry of Finance has proposed the National Assembly adopt a resolution extending the 8% value-added tax (VAT) for certain goods and services until mid-2025.
The normal VAT rate is 10%.
The extension would not apply to sectors such as telecommunications, information technology, finance, banking, securities, insurance, real estate, metals, fabricated metal products, mining products (excluding coal mining), coke, refined oil products, chemicals, and goods and services subject to excise tax.
The rationale behind the proposal, the Ministry of Finance said, is to help stimulate and drive economic growth.
The application period would be from January 1 to June 30, 2025.
