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Vietnam Implements VAT Reduction Policies to Boost Economy

  • 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.

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