The Ministry of Finance is proposing the development of a National Assembly Resolution on reducing value-added tax (VAT). Recently, the Government Portal announced the proposal dossier for the development of this Resolution.
Specifically:
- A 2% reduction in the VAT rate will be applied to groups of goods and services currently subject to a 10% VAT rate (reducing to 8%), excluding certain groups of goods and services such as telecommunications, information technology, financial activities, banking, securities, insurance, real estate business, metal production and manufacturing of products from cast metal, mining industry (excluding coal mining), coke production, refined petroleum, chemical and chemical product manufacturing, and goods and services subject to special consumption tax.
- The period for the 2% VAT reduction specified in Clause 1 of this Article will be from July 1, 2024, to December 31, 2024.
