- VAT reduction guidelines for adjustments in state-funded construction projects were explained by the Vietnamese General Department of Taxation
- Investment decisionmakers must approve adding new items to a project for it to qualify as a project adjustment
- A temporary VAT rate of 8 percent, reduced from 10 percent, applies to specific state-funded construction projects from July to December 2024
- Using VAT savings for items outside the project’s original scope may require additional guidance
- Taxpayers should consult with the Ministry of Planning and Investment and the Ministry of Finance for any use of VAT savings beyond the approved project scope.
Source: news.bloombergtax.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.
