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Changes In VAT From The Beginning Of 2023 In Vietnam

In order to restore and rapidly develop production and business activities, promote growth, prioritize a number of important industries and fields, and strive to achieve the goals of the 2021-2025 period, the National Assembly of Vietnam passed Resolution 43/2022/QH15 on fiscal and monetary policies to support the program of socio-economic recovery and development on January 11, 2022. One of the notable contents of the Resolution is the value-added tax VAT support for businesses. However, this support will end on December 31, 2022.

Section a, point 1.1, clause 1, Article 3 of Resolution 43/2022/QH15 stipulating the tax exemption and reduction policies for Vietnamese enterprises as follows: “a) Reducing the value-added tax rate by 2% in 2022, applicable for groups of goods and services currently applying the value-added tax rate of 10% (to become 8%),….

Source: mondaq.com

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