Legal News

[Taxation] Proposal to continue the 2% reduction in value-added tax (VAT) from July 1 to December 31, 2024.

2024/05/09

Recently, the government submitted a proposal to the National Assembly to continue the tax reduction policy for goods and services that are currently subject to 8% VAT under the VAT tax reduction policy for the six-month period from July 1 to December 31, 2024.

The government is currently implementing a policy to reduce the VAT rate from 10% to 8% for the goods and services stipulated in Article 3.1.1.a of Resolution 43/2022/QH15, and these goods and services are eligible for the proposed tax reduction. However, the following goods and services are not eligible for the tax reduction

Products and services not eligible for the tax reduction:
Goods and services subject to special consumption taxes, such as telecommunications, information technology, fiscal and financial activities, banking, securities, insurance, real estate, metals, metal products, mining products (excluding coal mining), coke, refined petroleum, chemical products, alcohol and tobacco.

The above is the outline currently being proposed by the government to the Diet. As soon as an official announcement is made, we will inform you in future editions of Laws and Regulations News.

 

References:
https://baochinhphu.vn/de-xuat-tiep-tuc-giam-2-thue-gtgt-6-thang-cuoi-nam-102240502154616589.htm
Resolution 43/2022/QH15