VIETNAM VAT REDUCTION

The Vietnamese Government has issued Decree No. 94/2023/ND-CP dated December 28th, 2023 regulating the continuation of VAT reduction policy. 

The VAT reduction applied from January 1, 2024 to the end of June 30, 2024 is as follows:

- Business establishments that calculate value-added tax by the deduction method may apply the value-added tax rate of 8% for goods and services currently subject to 10% VAT, except the following goods and services:

+ Telecommunications, financial activities, banking activities, securities, insurance, real estate trading, metals and prefabricated metal products, mining products (excluding coal mining), coke mining, refined oil, chemical products.

+ Goods and services subject to special consumption tax.

+ Information technology according to the Law on information technology.

+ VAT on goods and services shall be reduced consistently at all stages, including import, production, processing and trading. 

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