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
Follow VietnamPlus

Related News

See more

A port in California of the US (Photo: Xinhua/VNA)

Vietnam attends WTO session on removing technical barriers to trade

The Vietnamese delegation is closely tracking all Specific Trade Concerns, with a keen interest on rules impacting Vietnam’s key and potential exports at the regular session of the World Trade Organisation (WTO) Committee on Technical Barriers to Trade (TBT Committee) in Geneva, Switzerland from March 25-28.

The ICON e: (Photo: Honda Vietnam)

Honda Vietnam rolls out first domestically produced electric scooter

The ICON e: is specifically designed for high school students, a young and dynamic demographic seeking safe and convenient mobility. The scooter comes equipped with advanced safety features, including a fire- and water-resistant lithium-ion battery, a combined braking system (CBS), LED lighting for enhanced visibility, and a spacious storage compartment. It is expected to launch in the Vietnamese market in April.

A buyer searches for food products at the fair. (Photo: VNA)

Third Vietnam Outstanding Export Products Fair opens in HCM City

It features nearly 750 booths showcasing a wide range of goods and services like agricultural products, foods and seafood, handicrafts, souvenirs, regionally distinctive goods, textiles, footwear, supporting industries, and food processing, packaging, and preserving technologies.

Fillet catfish for export (Photo: VNA)

Vietnam, US boost agricultural trade

The key agricultural products of the two countries complement each other rather than compete. Therefore, Vietnam is willing to open its market to US agricultural products.

An overview of the B2B session at the Vietnam – India business meeting (Photo: VNA)

Vietnam, India strengthen business ties to boost trade

The business meeting provided a valuable opportunity for direct engagement, allowing participants to gain deeper insights into the Vietnamese and Indian markets and laying the groundwork for sustainable trade expansion.

MobiFone has become the third network operator in Vietnam to offer 5G services. (Photo: VNA)

MobiFone officially launches 5G services

This launch marks a significant milestone in Vietnam’s telecommunications landscape, promising to elevate the digital experience for both individual and business users.