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The decree on tax reduction to foster economic recovery approved by the National Assembly will also make expenses on pandemic prevention deductible.
The VAT cut will lead to a loss of some VND49.4 trillion (over $2.1 billion) in revenues, according to the Ministry of Finance.
The deductible expenses will lead to a loss of VND2 trillion.
The lower VAT rate will not apply to telecommunications, information technology, financial activities, banking, securities, insurance, real estate, metal and prefabricated metal products, mining (excluding coal), coke, refined petroleum, chemicals and chemical products, and goods and services subject to excise tax.
