In 2024, groups of goods and services currently subject to a tax rate of 10% will have their value-added tax (VAT) rate reduced by 2% from January 1, 2024 to June 30, 2024.
The Decree clearly states that VAT will be reduced for groups of goods and services currently subject to a tax rate of 10%, except for the following groups of goods and services: telecommunications, financial activities, banking, securities, insurance, real estate business, metals and prefabricated metal products, mining products (excluding coal mining), coke, refined petroleum, chemical products; goods and services subject to special consumption tax, information technology according to the law on information technology...
Previously, in the draft decree submitted to the Government, the Ministry of Finance predicted that the world situation would continue to develop in a complicated and unpredictable manner and that there would be many difficulties domestically, so it was necessary to continue to have financial policy solutions to promote domestic aggregate consumption demand.
The Ministry of Finance believes that reducing VAT creates great conditions to help businesses reduce production costs, increase profits, and increase the ability to stimulate demand.
The Ministry of Finance estimates that implementing the 2% VAT reduction policy in the first 6 months of 2024 is expected to reduce state budget revenue by about VND 25,000 billion.
Source
![[Photo] National Assembly Chairman Tran Thanh Man visits Vietnamese Heroic Mother Ta Thi Tran](https://vphoto.vietnam.vn/thumb/1200x675/vietnam/resource/IMAGE/2025/7/20/765c0bd057dd44ad83ab89fe0255b783)
Comment (0)