GOVERNMENT PROPOSE EXTENDING THE PERIOD OF VAT REDUCTION UNTIL THE END OF 2024

GOVERNMENT PROPOSE EXTENDING THE PERIOD OF VAT REDUCTION UNTIL THE END OF 2024

Previously, the National Assembly passed Resolution No. 110/2023/QH15, temporarily reducing value added tax (VAT) by 2% for some groups of goods currently subject to a tax rate of 10% (excluding some products and services) for an additional 6 months (from January 1, 2024 to June 30, 2024).   Based on the assessment of the outcome achieved by the 2% VAT reduction solution in Resolution No. 110/2023/QH15, the Government submits to the National Assembly for consideration and permission to continue implementing the 2% VAT reduction policy in the last 6 months of 2024 (from July 1, 2024 to December 31, 2024) Regarding the implementation,...

HO CHI MINH CUSTOMS PROPOSES REDUCING VAT FOR GOODS AND SERVICES

HO CHI MINH CUSTOMS PROPOSES REDUCING VAT FOR GOODS AND SERVICES

Ho Chi Minh City Customs Department proposed that the Ministry of Finance advise the Government to apply a reduction in the Value Added Tax (VAT) rate by 2% for all groups of goods and services currently subject to the 10% VAT rate, to be uniform at the stages of import, production and consumption.   According to Ho Chi Minh Customs Department, during the implementation of the Decree on VAT reduction, a number of difficulties and problems arose related to identifying and distinguishing goods and services that are not eligible for VAT reduction from goods that are subject to VAT reduction. In order to...

OFFICIALLY CONTINUE TO REDUCE 2% OF VAT IN THE FIRST 6 MONTHS OF 2024

OFFICIALLY CONTINUE TO REDUCE 2% OF VAT IN THE FIRST 6 MONTHS OF 2024

The National Assembly has agreed to continue reducing 2% of VAT from 1st January 2024 to the end of June 2024. Previously, the National Assembly agreed to reduce 2% of VAT from 1st July 2023 to 31st December 2023. On 29th November 2023, the National Assembly officially agreed to continue implementing a reduction of 2% of VAT until the end of June 2024. The implementation of a reduction of 2% of VAT will be carried out stably as in 2022 and 2023. Reduction of 2% of VAT for goods and services currently subject to 10% VAT (to 8%), except for the...

THE GOVERNMENT HAS AGREED TO THE MINISTRY OF FINANCE TO SUBMIT A PLAN TO REDUCE VAT BY 2%

THE GOVERNMENT HAS AGREED TO THE MINISTRY OF FINANCE TO SUBMIT A PLAN TO REDUCE VAT BY 2%

Deputy Prime Minister Le Minh Khai agreed in principle that the Ministry of Finance would report to the Government for submission to the National Assembly and the National Assembly Standing Committee for consideration and permission to formulate and issue a National Assembly's Resolution on value-added tax reduction. In 2023 the Ministry of Finance proposes to reduce the VAT rate by 2% for all goods and services subject to the 10% tax rate (to 8%); reduce 20% of the percentage rate to calculate VAT for business establishments (including business households and business individuals) when issuing invoices for all goods and services...

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