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Tuesday, June 25, 2024

Govt proposes extending 8% VAT until end-2024

The Saigon Times

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HCMC – The Government has proposed extending the 8% value-added tax (VAT) on certain goods and services until the end of 2024, according to Tuoi Tre Online news site.

Emphasizing the necessity of promptly addressing economic and social challenges, the Government underscores the importance of continuing effective support measures on taxes, fees, charges, and land rents launched in 2023, aligned with practical circumstances.

This includes considering continuing the 8% VAT until the end of this year, instead of reverting to the original 10% rate, and extending payment deadlines for other taxes, reducing certain fees and charges, and lowering land rents to bolster support for businesses.

According to the Government, the continuation of the 8% VAT would lead to a decrease of VND23,488 billion in VAT revenue in the first half of this year.

Extending this reduction until the end of the year is estimated to result in a total VAT revenue reduction of VND47,488 billion in all of 2024.

The decisive and coordinated implementation of financial solutions and policies in recent times has yielded positive results, supporting businesses and citizens, stabilizing production and business activities, contributing to macroeconomic stability, and facilitating economic recovery and growth.

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