Some sectors excluded from VAT reductions

Two months after VAT reductions were introduced on February 1, businesses are still confused about thousands of goods and services that appear to be ineligible. Ahead of a proposal to cut the VAT rate from 10 per cent to 8 per cent in all fields, the General Department of Taxation said many industries were unaffected by the pandemic, such as information technology, e-commerce, banking and finance, and real estate, so some sectors will be excluded from reductions.