Vat Reduction To Boost The Economy

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 According to Vietnam, exporters reduce value-added tax(VAT)from 10 to 8 percent to boost the economy of goods and services.  

This was made known by the Tax expert in Nigerian that the incoming administration must follow the adopt federal government's proposed increase in value-added tax (VAT)from the current percent to 10 percent to reduce the country's debt.

According to the Vietnam Finance Ministry report,  the reduction of  VAT includes 2 options, which includes a total reduction of good and services, or some reduced goods.

According to the report shown, the Vietnamese Finance Ministry wants to reduce VAT from 10 percent to 8 percent for several goods and services to boost the economy

“One of two options considered is slashing 2 percent off the current 10 percent VAT on several goods and services.

“The second one is also slashing 2 percent off the current 10 percent VAT but that would exclude goods and services that were already under the effect of a previous VAT reduction as part of a government policy  to boost economic."

It was also made known that government support was a need to help to increase their economy by business leaders speaking report shown, Some food companies have been struggling with the increase in price, stock, and many others. 

According to Vietnam Association,n thgreasedsed with the government was in place to move the adopted policy to the end of this year. There have been some changes in the previous month.

According to the report, export last year boosted the current percent to $ 371.85 billion which has risen in large growth.

Mr.Adebayo Adeshina, the president of the charter institute of Taxation(CITAN).beseech the next government to give more detail and enlightened the country on indirect taxes.

According to Adeshina, Indirect taxes are the way to go if the government is expected to enhance its revenues. It is a type of tax that is often paid for goods and services without being aware that it is being deducted.

"payment of taxes is crucial for our development to competing needs of society. Also, the authorities need to show more transparency and accountability to encourage more citizenry to pay their taxes as it is a social contract between the government and the people "Adeshina said.

 





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