VAT (VAT) reduced from 10% to 8%

Recently, the National Assembly passed a Resolution on fiscal and monetary policies to support the Socio-economic Recovery and Development Program. In which, the group of products and services currently subject to 10% VAT will be reduced to 8%, except: telecommunications, IT, financial activities, banking, securities, insurance, real estate and other services. products and services subject to special consumption tax.

In addition to reducing VAT by 2%, the National Assembly also approved other issues such as:

Increase spending on development investment from the state budget to a maximum of 176,000 billion VND;
Grant a maximum of 300 billion VND of charter capital to the Tourism Development Support Fund;
Enterprises’ donations and sponsorships for the prevention and control of Covid-19 will be included in deductible expenses when determining taxable income;
Interest rate support of 2%/year, up to 40,000 billion VND through commercial banks for a number of fields, budget loans to renovate old apartments, build social housing…;
Maximum investment of 113,550 billion VND to develop traffic infrastructure, IT, digital transformation, climate change adaptation as well as disaster recovery…;
Investment up to 14,000 billion VND to build, renovate, upgrade and modernize the grassroots – preventive health system, regional disease control centers, improve disease prevention and control and produce products. export vaccines, drugs to treat Covid-19…

(According to Government Newspaper)
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