Indonesia has officially implemented a 12% value added tax (VAT) on luxury goods and services starting on January 1, marking an increase of 1% compared to the previous rate.

The 15th National Assembly approved an extension of the 2% value-added tax (VAT) reduction. The reduction applies to specific goods and services listed in Point a, Section 1.1, Clause 1, Article 3 of Resolution No. 43 on fiscal and monetary policies to support the Socio-Economic Recovery and Development Programme. The extended policy will be effective from January 1, 2025 to June 30, 2025.

Payment deadlines for value added tax (VAT), corporate income tax, personal income tax, and land rent in 2024 are set to be extended, involving a total tax value of nearly 84 trillion VND (3.3 billion USD).

The Vietnam Chamber of Commerce and Industry (VCCI) has proposed a zero-value added tax (VAT) rate to be maintained for exported services, over worries that tax hikes would undermine the competitiveness of Vietnamese providers against foreign rivals.

The Ministry of Finance (MoF) plans to implement several policies to support the business sector and people, and promote the country's economic growth in 2024, according to Minister Ho Duc Phoc.

Vietnam has a domestic market of 100 million people with an increasing income. If businesses manage to meet local consumer demand, they will gain the ability to weather the impact of adverse external factors.

To reach this year’s GDP growth target of 6.5%, economic expansion in the second half of 2023 must stand at around 9%, which requires harmonious and close coordination among the Government, ministries, sectors, and localities to maximise resources and seize every opportunity, experts have said.

Given the prolonged difficulties for Vietnam’s export market, investment and consumption could use a boost to help Vietnam reach this year’s growth target.

The Government on June 30 issued Decree No. 44/2023/ND-CP on reducing the value added tax (VAT) in line with the National Assembly’s Resolution No. 101/2023/QH15 dated on June 24, 2023.

The 15th National Assembly (NA) has decided to continue the reduction of the value added tax (VAT) by 2%, from July 11 through December 31, 2023.

The 15th National Assembly (NA) continued its ongoing fifth session with plenums presided over by Chairman Vuong Dinh Hue on June 1.

Ho Chi Minh City needs to be supported by specific mechanisms and policies that are strong enough to remove bottlenecks faced by the city and enable it to create breakthrough developments, experts said.

The Government has agreed with the Ministry of Finance’s proposal on a plan to reduce taxes, fees and charges for 2023, which suggested a 2% reduction in the value added tax (VAT) on goods and services.

The exemption and reduction of taxes, fees, charges, and land rent represent State assistance for enterprises to help ease expenses and mobilise financial resources to revilatise operations.

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.

As the COVID-19 pandemic has seriously impacted the implementation of Vietnam's economic development plans, the National Assembly (NA) and Government have been proactively and urgently deploying stimulus packages to quickly restore the economy and leverage growth.

The Ho Chi Minh City People’s Committee has made several suggestions for the Ministry of Finance’s decree to support businesses and individuals affected by the COVID-19 pandemic, including ensuring bank lending rates are no more than 2 percent higher than deposit interest rates.

Online B2C transactions to Europe will be subject to value added tax (VAT) from July 1, the Vietnam Trade Office in Belgium and European Union (EU) has said.

The Vietnam e-Commerce Association (Vecom) said that a number of regulations in Circular 40 were not yet feasible, which could impact activities of hundreds of thousands of individuals doing business on e-commerce floors.

Tax incentives for developers of social housing projects for lease should be made clear and consistent to encourage private investment in the segment, according to the HCM City Real Estate Association.