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tax reduction
Tax Cut Updates
Amending personal income tax: Need to add reasonable option 3 to be closer to reality
The Ministry of Finance is studying the revision of the personal income tax (PIT) schedule by reducing the number of tax brackets from 7 to 5 and widening the income gap between brackets. The goal is to ensure greater fairness in income regulation while simplifying tax calculation. Currently, two options for adjusting the tax schedule are being widely consulted in society.
Economy
The National Assembly agreed to continue reducing VAT by 2% until the end of 2026.
From July 1, 2025 to December 31, 2026, the VAT rate will be reduced by 2% for groups of goods and services currently subject to a tax rate of 10%, down to 8%.
Submit to the National Assembly to reduce VAT by 2% until the end of 2026, continue to exempt agricultural land tax until 2030
On the morning of May 13, the National Assembly listened to reports and examination reports on the proposal to continue reducing value added tax and extending the exemption period for agricultural land use tax.
The US and China agreed to reduce tariffs, and global markets immediately increased in price.
Global investors are cheering signs of a thaw in the trade war sparked by US President Donald Trump’s massive tariffs, which has roiled financial markets, disrupted supply chains and raised fears of a recession.
President Trump announces plan to reduce tariffs on Chinese goods
President Trump said US tariffs on Chinese goods will be reduced, but not eliminated.
Revealing how South Korea persuaded the US to reduce reciprocal tax from 26% to 25%
The South Korean government has persuaded the Trump administration to ease reciprocal tariffs on the country ahead of their official announcement.
Mr. Trump stated the conditions for reducing taxes on Chinese goods.
President Donald Trump said the US could ease tariffs on Chinese goods if the TikTok deal goes through.
The Government continues to implement solutions to exempt and reduce taxes and fees.
May 30, 2024 07:11
At the socio-economic discussion session on May 29, Deputy Prime Minister Le Minh Khai made a speech clarifying a number of contents related to the implementation of solutions to support production and business enterprises; disbursement of public investment capital; management of the gold market...
The Government submitted to the National Assembly permission to reduce 2% value added tax in the first 6 months of 2024
November 20, 2023 17:44
(Baonghean.vn) - On the afternoon of November 20, the National Assembly discussed the draft Resolution on reducing value added tax (VAT).
The Tax Department disseminates the Law on Tax on Non-agricultural Land Use
October 9, 2023 15:36
(Baonghean.vn) - Non-agricultural land use tax is the amount of money that individuals, units or organizations must pay, according to the provisions of the 2013 Land Law. Non-agricultural land users must pay tax to the competent state agency. The tax rate will vary depending on the land area and the area where the land is located.
VAT reduced to 8%, purchasing power begins to increase
July 30, 2023 11:19
(Baonghean.vn) - The policy of reducing value added tax (VAT) from 10% to 8%, applied from July 1, has led to a significant reduction in the prices of many goods and services. This is expected to be a "push" to help stimulate consumption and solve current market difficulties.
New policies effective from July 2023
July 2, 2023 17:15
(Baonghean.vn) - From July 1, reducing value added tax by 2%, increasing basic salary; increasing pension, social insurance benefits and monthly allowances;... are new policies that will take effect from July 2023.
Proposing the National Assembly to reduce value added tax in May
May 3, 2023 16:01
The Government has just proposed to draft a National Assembly resolution on reducing value-added tax (VAT) from 10% to 8% to support businesses and people to overcome difficulties.
Many shortcomings of the Personal Income Tax Law
February 6, 2023 17:13
The Ministry of Finance is seeking opinions on amending and supplementing the Law on Personal Income Tax. According to experts and businesses, the amendment is very necessary because the law has too many shortcomings.
Nghe An reduces more than 1,712 billion VND in taxes and fees in the economic recovery and development program after the Covid-19 epidemic
December 7, 2022 09:54
(Baonghean.vn) - This is the information announced by the People's Committee of Nghe An province in the report of the 11th Session of the Provincial People's Council on the prevention and control of the Covid-19 epidemic and the implementation of the Program for socio-economic recovery and development in 2022.
Deputy Prime Minister: Calculating reduction of special consumption tax and VAT on gasoline
July 9, 2022 07:11
Deputy Prime Minister Le Minh Khai asked the Ministry of Finance to quickly handle solutions to reduce special consumption tax and VAT on gasoline if there is room to avoid major impacts on the CPI.
The National Assembly Standing Committee passed a resolution to reduce environmental protection tax on gasoline.
July 6, 2022 14:48
The National Assembly Standing Committee held an extraordinary meeting on the morning of July 6 and decided, within its authority, to continue reducing environmental protection tax on gasoline, oil, and grease.
Submit to the National Assembly Standing Committee to reduce environmental tax on gasoline on July 4
July 3, 2022 20:44
On July 3, the Government issued a Resolution approving the Draft Resolution of the National Assembly Standing Committee on environmental protection tax rates for gasoline, oil, and grease, and is ready to submit it to the National Assembly Standing Committee on July 4.
New points of the Ordinance on Preferential Treatment for People with Revolutionary Contributions
May 26, 2022 09:56
(Baonghean.vn) - Effective from February 15, 2022, the Ordinance on Preferential Treatment for People with Revolutionary Contributions adjusts many regulations on regimes and policies for war invalids and sick soldiers.
Policies effective from April 2022
March 28, 2022 08:02
Policies for workers and defense officials who quit their jobs; Tourism workers are supported with vocational training of 1.5 million VND/month; Environmental protection tax reduction on gasoline from April 1, 2022... are new policies that will take effect from April 2022.
The National Assembly Standing Committee resolved to reduce gasoline and oil taxes.
March 24, 2022 07:17
On March 23, the National Assembly Standing Committee reviewed and approved a Resolution on environmental protection tax (EPT) rates for gasoline, oil, and grease until December 31, 2022.
Mr. Vu Thanh Tu Anh: VAT should be reduced across the board instead of interest rate support.
January 11, 2022 06:43
Sharing with reporters, Dr. Vu Thanh Tu Anh, Director of the Fulbright School of Public Policy and Management, said that this support package is necessary but should prioritize allocation for fighting the epidemic and maintaining the continuous openness of the economy.
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