Vietnam may reduce VAT, luxury tax

The ministry may replace the current 10 percent VAT with a new structure consisting of two levels, 5 percent and 10 percent, according to the report.

The ministry is also working on a revision to reduce the luxury tax on cars, cigarettes and alcohol.

These revisions will be submitted to the government for approval by the end of this year.

Source : Thanh Nien Daily - Ho Chi Minh City,Vietnam, dated 02/02/2008