Tax and fee reduction and breaks total $3.67 bln in H1

The Government cut, extended, or waived taxes, fees and land costs worth over VND96.74 trillion ($3.67 billion) for individuals and businesses in the first six months of the year, according to the Ministry of Finance (MoF).

Of the total, valued added tax (VAT), corporate income tax, personal income tax, and land rental fee extension was estimated at over VND51.3 trillion ($1.95 billion).

The extension of excise tax for domestically manufactured and assembled cars reached around over VND6.48 trillion ($246 million).

In the latest move, the National Assembly in June approved a resolution to continue cutting 2% of the VAT for goods and services currently taxed at 10% from July 1, 2025 to December 31, 2026, with some goods and services such as telecommunications, finance, banking, insurance, securities, real estate, and specific industries like metal and mining (excluding coal) excluded from the VAT reduction.