Gov't proposes extension of VAT cut till next year's end

The Government also asked the legislative body to expand VAT reduction policy to cover other goods and services such as information technology, coke, oil and gas.

The National Assembly had decided to reduce VAT to 8 percent from 10 percent on certain types of goods and services, applicable from 2022 to July 1, 2025, except for the following groups of goods and services:

- Telecommunications, financial activities, banking, securities, insurance, real estate business, metals and prefabricated metal products, mining products (excluding coal mining), coke, refined petroleum, chemical products.

- Goods and services subject to special consumption tax.

- Information technology according to the law on information technology.