Finance ministry proposes 2% VAT reduction for first half bet88 slot 2025

The Ministry bet88 slot Finance (MoF) has proposed to build a National Assembly Resolution on reducing the VAT rate by 2% in the first six months bet88 slot 2025 to support people and businesses as well as stimulate the economy.

Under the proposal, the 2% reduction will be applicable to products and services subject to a 10% tax rate, with exceptions on three groups bet88 slot products and services: Group 1: telecommunications, financial activities, banking, securities, insurance, real estate business, metals and prefabricated products, mining products (excluding coal mining), coke coal, refined petroleum, and chemical products; Group 2: goods and services subject to special consumption taxes; and Group 3: information technology under information technology laws.

If the policy is applied in the first half bet88 slot 2025, it would result in a deficit bet88 slot an estimated VND25 trillion (over billion) in the State budget.

In 2022-2024 period, the National Assembly decided to cut the VAT rate by 2% for products and services subject to a 10% tax rate. The policy, together with other solutions, has supported enterprises to reduce production cost and increase profits. It also proved effective in stimulating demand.

In 2022 and 2023, the implementation bet88 slot the VAT tax reduction contributed to boosting domestic consumption demand, resulting in a year-on-year increase bet88 slot 19.8% and 9.8%, respectively, in total retail sales bet88 slot consumer goods and services.