Legal News

[Taxation] Government Resolution No.179/NQ-CP on Proposal for Value Added Tax Reduction

2023/11/09

　On November 1, 2023, the government approved the formulation of a parliamentary resolution regarding the Ministry of Finance’s VAT tax reduction proposal (dated October 31, 2023, scheduled to be implemented in 2024).

　Based on the government resolution, the Ministry of Finance will listen to opinions from government ministers and prepare this draft resolution.

　Additionally, the government will order the Minister of Justice, who has been delegated authority from the Prime Minister, to sign the government proposal to be submitted to the National Assembly and the Standing Committee of the National Assembly by 8:00 p.m. on November 1st, and will also do so through an expedited procedure. It was approved to be submitted to the 6th Diet session.

　The 2024 VAT reduction policy is expected to be finalized through parliamentary approval.
　We will update the news as soon as new information is announced.

Reference:
Government Resolution No. 179/NQ-CP dated November 1, 2023

*This article was translated by Yarakuzen.