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VAT reduction of two percent does not apply to the real estate sector. (Photo: SGGP) |
The proposal was made in accordance with Resolution 43/2022/QH15 on fiscal and monetary policies supporting socio-economic recovery and development programs and opinions collected at the 23rd meeting of the National Assembly (NA) Standing Committee which was held at the beginning of May.
Under the proposal, the Government suggested a VAT reduction from 10 percent to eight percent for a number of goods and services, excluding communications, IT, finance and banking, stock, insurance, real estate, trading activities of metal, fabricated metal products, and mining products (excluding coal mining), coking coal, refined petroleum products, chemical products, goods, and services liable to excise duties.
