Government seeks lawmaker approval on VAT cut

Government seeks lawmaker approval on VAT cut

The Vietnamese government has proposed a reduction in VAT from 10% to 8% to stimulate economic recovery.

The proposal, presented to the National Assembly on Wednesday, aims to implement the policy in the last six months of this year. However, it excludes certain sectors such as property, banking, securities, insurance, and telecommunications.

Lawmakers have called for a thorough evaluation of the impact of the tax rebate, which is expected to cost the government $1.02 billion. They have also urged authorities to expedite the VAT refund process for businesses, particularly manufacturing companies like wood exporters, who are waiting for refunds amounting to hundreds of billions of dong.


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