- VAT reduction to 8 percent from July 1 to December 31, following Decree No. 72/2024/NĐ-CP
- VAT reduction for goods and services currently taxed at 10 percent
- Exclusions include telecommunications, financial activities, banking, securities, insurance, real estate, metals, mining products, and more
- Reduction applies at import, production, processing, and trading stages
- Goods and services not subject to VAT or with a 5-percent rate are not eligible for reduction
- Businesses using deduction method apply 8 percent VAT rate, while those using turnover method get a 20 percent reduction in percentage rate
- Decree effective from July 1 to December 31, 2024
Source: en.sggp.org.vn
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.
