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Ministry of Finance re-propeses VAT hike in 2019

by VTV406 January 2018 Last updated at 08:26 AM

VTV.vn - The Ministry of Finance has just proposed a new value added tax (VAT) of 11% in 2019 instead of the previously proposed figure of 12%.

This is part of the draft amendment to the Law on Value Added Tax that was submitted to the Government. Specifically, the Ministry of Finance proposed that VAT be increased from 10% to 11% from Jan 1st 2019 and from 11% to 12% one year later. According to the Ministry, a number of countries around the world increase their budget revenue by raising indirect taxes, as seen in public debts increasing in several countries including developed ones. In EU nations, the average tax level was at 19% in 2000 and 21.5% in 2014.

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