Officially from July 1, a series of goods and services have VAT reduced

According to Decree 72, value added tax is reduced for groups of goods and services currently subject to a tax rate of 10%.

Some groups of goods and services that are not subject to reduction are telecommunications, financial activities, banking, securities, insurance, real estate business, metals and prefabricated metal products, mining products (excluding coal mining), coke, refined petroleum, chemical products; Goods and services subject to special consumption tax...

Corporations and economic groups that implement a closed process to sell are also subject to value-added tax reduction on coal products sold.

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Goods and services that are not subject to value added tax or are subject to 5% value added tax according to the provisions of the Law on Value Added Tax shall comply with the provisions of the Law on Value Added Tax and shall not be entitled to a value added tax reduction.

Regarding tax reduction, according to Decree 72, business establishments calculating value added tax according to the deduction method are entitled to apply a value added tax rate of 8% for goods and services eligible for value added tax reduction.

Business establishments (including business households and individual businesses) that calculate value added tax according to the percentage method on revenue will have the percentage rate reduced by 20% to calculate value added tax when issuing invoices for goods and services that are eligible for reduced value added tax.

Decree 72 takes effect from July 1 to December 31, 2024.

Source: https://www.baogiaothong.vn/chinh-thuc-tu-1-7-hang-loat-mat-hang-dich-vu-duoc-giam-thue-vat-192240630214447794.htm