- Vietnam’s Government reduced the VAT rate from 10% to 8% through Decree No. 44/2023/ND-CP, following the approval of Resolution 101/2023/QH15 by the National Assembly.
- The decree will be in effect from 1 July to 31 December 2023, and certain goods and services such as telecommunications, IT services, finance and banking services, real estate business, metal production, mining industry, and goods subject to special sales tax will not be eligible for the reduced VAT rate.
- The General Customs Department issued a letter guiding the implementation of the reduction of VAT at the rate of 8% for imported goods.
- The VAT reduction policy aims to manage VAT reduction in a timely manner and ensure no negative impact on the State budget collection and overpayment.
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