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VAT reduction

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Legislators look into resolution on 2% VAT reduction

Legislators look into resolution on 2% VAT reduction

The resolution aims to stimulate consumption in line with the current economic context, thus supporting citizens and businesses; boosting production, trade, tourism, and domestic consumption, thereby contributing to the State budget and the national economy, towards implementing the five-year socio-economic development plan in 2021–2025, annual development goals, and the economic restructuring plan in 2021 – 2025; and creating momentum for economic growth in the next five years.

Politics-Diplomacy

Proposed VAT reduction expected to boost consumption, businesses' growth

The Ministry of Finance (MoF) has proposed a 2% reduction in value-added tax (VAT) from July 1, 2025 to December 31, 2026, expanding eligibility to include fuel, petroleum, and certain technology products and services. Experts have believed the measure will stimulate consumption, support businesses, and drive economic growth.

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