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Vietnamese ministry proposes extending 2% VAT cut until 2024 end
06 May '24
1 min read
Pic: Adobe Stock
Insights
- Vietnam's finance ministry has proposed extending the 2-per cent reduction in value-added tax till 2024 end; a payment deadline for corporate income tax, special consumption tax and personal income tax; and reduction of several fees and land rental enforced in 2023.
- The tax cut in 2024 second half is likely to cut the government budget by some $994.7 million.
Vietnam’s finance ministry, in a recent proposal to the National Assembly, stressed the need for appropriate policy measures for this year that include extending the 2-per cent reduction in value-added tax (VAT); a payment deadline for corporate income tax, special consumption tax and personal income tax; and reduction of several fees and land rental enforced last year.
The 2-per cent tax cut in the second half this year is expected to reduce the government budget by some 24 trillion VND ($994.7 million), i.e., around 4 trillion VND per month, a news agency reported.
Following the COVID-19 pandemic, climate change and natural disasters, a wide range of financial measures worth 700 trillion VND were implemented between 2020 and 2023 to prop up the economy, the government said.
Fibre2Fashion News Desk (DS)
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