- Decree No. 72/2024/ND-CP was promulgated on June 30, 2024, prescribing the VAT reduction policy
- The VAT reduction policy includes a 2% reduction for goods and services currently subject to 10% VAT
- Exclusions from the VAT reduction policy include telecommunications, banking, financial activities, securities, insurance, real estate, metals, mining products, and information technology
- The VAT reduction is applied consistently in import, production, processing, and commercial trading stages
- VAT payers can apply the reduction by either applying 8% VAT on output invoice or a 20% reduction on sale revenues for VAT calculations
- The VAT reduction under Decree 72 is effective from July 1, 2024, until December 31, 2024.
Source: dfdl.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.
