- Decree No. 94/2023/ND-CP on VAT reduction policies has been published in the Vietnamese Official Gazette.
- The decree is effective from January 1 to June 30.
- Businesses using the credit method can apply an 8 percent reduced VAT rate for specific goods and services.
- Businesses and entrepreneurs using the turnover percentage method can have a 20 percent reduction in VAT calculation when issuing invoices for eligible goods and services.
- The VAT rate on specific groups of goods has been reduced from 10 percent to 8 percent.
- The decree clarifies the VAT reduction on specific coal products.
- Products not subject to VAT or subject to 5 percent VAT must be taxed according to VAT legislation.
Source: news.bloombergtax.com
Source: Vietnam Government News
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "Vietnam"
- Vietnam and MERCOSUR FTA Negotiations: Expanding Market Access in Latin America
- Vietnam’s New Tax Compliance Rules for E-Commerce and Digital Platforms Effective July 2025
- Vietnam Updates VAT Regulations: New Decree Clarifies Exemptions, Rates, and Refund Conditions
- Vietnam Amends VAT Law: New Decree on Taxable Goods, Rates, and Refunds Effective July 1
- Criteria for Determining VAT Reduction Eligibility for Fireproof Steel Doors in Vietnam