What is the note on the two timelines for VAT reduction in Vietnam in 2024?
What is the note on the two timelines for VAT reduction in Vietnam in 2024?
- Legal documents on VAT reduction in 2024
+ Decree 94/2023/ND-CP stipulates the policy on value-added tax reduction in accordance with Resolution 110/2023/QH15 dated November 29, 2023, of the National Assembly
++ VAT reduction from January 01, 2024, to June 30, 2024.
+ Decree 72/2024/ND-CP on the policy of value-added tax reduction according to Resolution 142/2024/QH15
++ VAT reduction from July 01, 2024, to January 01, 2025.
Thus, according to the two documents above, there are two timelines for VAT reduction in 2024: from January 01, 2024, to June 30, 2024, and from July 01, 2024, to December 31, 2024.
What is the note on the two timelines for VAT reduction in Vietnam in 2024? (Image from the Internet)
What are the amendments to the Law on Value-Added Tax of Vietnam according to Resolution 49/NQ-CP in 2024?
On April 17, 2024, the Government of Vietnam issued Resolution 49/NQ-CP in 2024 regarding the specialized session on law development in April 2024.
The Government of Vietnam agreed on the urgent need to build and complete the draft amended Law on Value-Added Tax. The draft law content generally aligns with the policies in the proposal to build the amended Law on Value-Added Tax already approved by the Government of Vietnam in Resolution 115/NQ-CP in 2023.
The following requirements were emphasized:
- Fully institutionalize the Party's directions and policies, State policies on improving value-added tax policies in line with Vietnamese realities and international practices, ensuring transparency and harmony between the interests of the State and the interests of the people and businesses, while encouraging domestic production, export of goods, and services, and promoting the three main drivers contributing to economic growth: consumption, investment, and export.
- Supplement and thoroughly review all legal documents related to the draft law's content, promptly identify and propose solutions for issues arising that contradict, overlap, or conflict with existing legal regulations to the proposed amendments in the draft law, ensuring consistency and coherence within the legal system; explain in detail the amendments to each regulation in the draft law, clearly stating the content inherited from the current Law on Value-Added Tax, newly amended and supplemented content in the draft law to meet the requirements of decentralization, delegation, and administrative procedure reform.
- Review, codify issues that have been stably and consistently applied, in line with the situation and practical requirements; for issues lacking high stability or needing adjustments during implementation to suit practical and social-economic development demands of the country, set a principle-based regulation and empower the competent agency to detail it to ensure flexible and proactive adjustments as necessary such as: specifying non-taxable sales revenue levels for households, individual businesses; specifying the value of non-cash payment vouchers for one-time purchase goods, services...
- Regarding the regulation of non-value-added tax objects: The Ministry of Finance shall research and incorporate opinions from Government members, thoroughly review all goods and services/groups of goods and services that do not fall under value-added tax to ensure uniformity with sector-specific legal regulations; if necessary, consider adding some types of goods and services that do not fall under value-added tax to meet practical demands, ensuring the true nature of non-taxable goods and services.
What is the deadline for submitting monthly, quarterly VAT returns in Vietnam in 2024?
According to Article 44 of the 2019 Law on Tax Administration, the regulation is as follows:
Deadline for submitting tax return dossiers
- The deadline for submitting tax return dossiers for taxes declared monthly, quarterly is specified as follows:
a) No later than the 20th of the following month for monthly declarations and payments;
b) No later than the last day of the first month of the following quarter for quarterly declarations and payments.
...
According to the regulations, the deadline for submitting monthly and quarterly VAT returns in 2024 is as follows:
- No later than the 20th of the following month for monthly declarations and payments.
- No later than the last day of the first month of the following quarter for quarterly declarations and payments.
- Are invoices issued for internally used goods in Vietnam?
- What principles and basis are used to determine the maximum road user charge in Vietnam?
- Is healthcare service providers for the elderly subject to VAT in Vietnam?
- Is the therapeutic service provides for persons with disabilities subject to VAT in Vietnam?
- What is the currency unit used in tax accounting in Vietnam?
- Which enterprise groups will the General Department of Taxation of Vietnam focus on inspecting and auditing in 2025?
- What are guidelines on online submission of unemployment benefits application in Vietnam in 2025? Are unemployment benefits subject to personal income tax?
- How long can the tax audit period on taxpayers’ premises in Vietnam be extended for complex matters?
- From January 1, 2025, which entities are exempted from ferry service fees from the state budget in Vietnam?
- How to determine VAT applicable to ships sold to foreign organizations in Vietnam?
