Business

Value added tax cut to assist socio-economic recovery

The value added tax (VAT) will be reduced by 2 percentage points to 8 percent starting this February as part of measures helping taxpayers tackle difficulties.
Value added tax cut to assist socio-economic recovery ảnh 1Consumers shop at a supermarket (Photo: VNA)
Hanoi (VNA) – The value added tax (VAT) will be reducedby 2 percentage points to 8 percent starting this February as part of measures helpingtaxpayers tackle difficulties.

The commodities and services currently subject to a VAT rateof 10 percent will benefit from the rate cut from February 1 throughDecember 31, 2022, except for certain commodities and services, according to anurgent dispatch issued on January 28 by the General Department of Taxation.

Besides, businesses and organisations are allowed to includetheir spending on donation to or sponsorship of anti-COVID-19 activities thisyear in the expenses not subject to the corporate income tax.

The urgent dispatch is to implement the Government’s Decree No.15/2022/ND-CP, issued on January 28, which details the execution of the taxexemption and reduction policy. This policy is being carried out under theNational Assembly’s Resolution No. 43/2022/QH15, released on January 11, onfiscal and monetary policies supporting the socio-economic recovery anddevelopment programme./.
VNA
#value added tax #VAT #General Department of Taxation #corporate income tax #tax exemption and reduction #socio-economic recovery and development #updated Vietnam news #Vietnamplus #Vietnam News Agency
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