- Vietnam extends 2 percent VAT reduction on specific goods and services until end of 2024
- Decree 72/2024 issued on June 30 provides guidelines for implementation
- National Assembly approved extension of VAT reduction from 10 percent to 8 percent
- Sectors excluded from VAT reduction include telecommunications, IT, finance, banking, insurance, real estate, metals, petroleum, chemicals, and special consumption tax
- VAT reduction applies uniformly across importation, manufacturing, processing, and trading for eligible goods and services
- Companies using deduction method for VAT declaration must indicate “8 percent” as VAT rate on invoices for eligible goods and services
Source: vietnam-briefing.com
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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