On November 29, 11, the National Assembly issued Resolution No. 2023/110/QH2023, which contains the content of reducing value-added tax rates for groups of goods and services specified in point a, section 15, clause 1.1. 1 Article 3 of Resolution No. 43/2022/QH15 of the National Assembly on fiscal and monetary policies to support the socio-economic recovery and development program during the period from January 01, 01 to the end of June 2024, 30.
Officially reduce 2% VAT from January 1, 1. (Photo: DP)
On December 28, 12, the Government issued Decree No. 2023/94/ND-CP stipulating the value added tax reduction policy according to Resolution No. 2023/110/QH2023 of the National Assembly.
The Decree stipulates value-added tax reduction from January 01, 01 to June 2024, 30 for groups of goods and services that are currently subject to a 6% value-added tax rate, except for one number of groups of goods and services.
Accordingly, this regulation does not apply to some groups of goods and services including telecommunications, information technology, financial activities, banking, securities, insurance, real estate business, metals, Prefabricated metal products, mining products (not including coal mining), coke, refined petroleum, chemical products, goods and services subject to special consumption tax.
The General Department of Taxation has issued dispatch No. 12 requesting Tax Departments to proactively propagate and disseminate to taxpayers in the area to promptly implement Decree No. 94/2023/ND-CP of the Government.
According to the Ministry of Finance, it is estimated that implementing the 2% VAT reduction policy in the first 6 months of 2024 is expected to reduce State Budget revenue by about VND 25.000 billion.
