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Ho Chi Minh City
Sunday, July 14, 2024

Extending the VAT cut

By Cam Ha

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The National Assembly (NA) will consider continuing the two-percentage-point reduction in value-added tax (VAT) into the second half of this year to support businesses and households. The business community and experts have proposed applying the VAT reduction to all goods and services due to weak domestic consumption and the complexity of determining which goods are subject to the normal 10% VAT and which are eligible for the 8% rate. Policy target achieved Since March 2024, New World Travel Company has signed numerous tour contracts for June and July, as many customers have booked early to enjoy favorable prices. Dang Thanh Tung, director of New World Travel, noted that bookings for large groups by businesses and schools often focus on every detail, including taxes and fees. They pay close attention to whether the VAT is 8% or 10% when booking tours. Tung believes that the VAT reduction by two percentage points has significantly boosted the recent demand for tourism. According to the NA, the lowering of VAT from 10% to 8% was implemented in all of 2022, the second half of 2023, and the first half of 2024. In a report to the NA, the Government affirmed that this policy had […]
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