15:31 | 20/11/2024

When is the 8% VAT reduction applicable in Vietnam?

When is the 8% VAT reduction applicable in Vietnam? Where should the VAT declaration be submitted?

When is the 8% VAT reduction applicable in Vietnam?

Based on Article 2 of Decree 72/2024/ND-CP regarding the policy on value-added tax reduction stipulated by Resolution 142/2024/QH15, it is specifically regulated as follows:

Effectiveness and Implementation

  1. This Decree is effective from July 1, 2024, until the end of December 31, 2024.
  1. Ministries according to their functions, tasks, and the People’s Committees of provinces and centrally-run cities shall direct relevant agencies to implement, disseminate, guide, inspect, and supervise so that consumers understand and benefit from the value-added tax reduction stipulated in Article 1 of this Decree, focusing on stabilizing the supply and demand of goods and services subject to VAT reduction to maintain stable market price levels (prices excluding VAT) from July 1, 2024, until the end of December 31, 2024.

...

Thus, according to the above regulations, the 8% VAT reduction applies from July 1, 2024, until the end of December 31, 2024.

Until When is the 8% VAT Reduction Applicable?

When is the 8% VAT reduction applicable in Vietnam? (Image from the Internet)

Which documents address the VAT reduction in Vietnam from 2021 to January 1, 2025?

- Legal documents on VAT reduction in 2022

+ Resolution 43/2022/QH15 on fiscal, monetary policies supporting the Economic-Social Recovery and Development Program.

++ Reducing VAT from 10% to 8% in 2022 for certain groups of goods and services applying the 10% VAT rate.

+ Decree 15/2022/ND-CP stipulates tax exemptions and reductions under Resolution 43/2022/QH15.

++ Detailed guidance on reducing VAT from 10% to 8%;

++ Issuing the list of goods and services not eligible for VAT reduction.

+ Official Dispatch 370/TCHQ-TXNK from the General Department of Customs on implementing Decree 15/2022/ND-CP.

++ Guiding customs declarants to declare 8% VAT on the VNACCS/VCIS system.

+ Official Telegram 01/CD-TCT from the General Department of Taxation on implementing the Decree stipulating detailed policy guidance on tax exemptions and reductions under Resolution 43/2022/QH15.

++ The General Department of Taxation requires the implementation of tax exemption and reduction policies as per Resolution 43/2022/NQ-QH15.

+ Official Telegram 02/CD-TCT from the General Department of Taxation on promoting the implementation of VAT reduction under the regulations of Resolution 43/2022/QH15 and Decree 15/2022/ND-CP.

++ Enhancing propagation, guiding citizens and businesses to issue VAT invoices applying the 8% VAT rate as stipulated.

+ Official Dispatch 521/TCHQ-TXNK from the General Department of Customs on the implementation of Decree 15/2022/ND-CP.

++ Guidance on VAT declarations for imported goods based on the actual import goods, cross-reference with the goods subject to VAT and the VAT rate according to regulations.

+ Official Dispatch 642/TCHQ-TXNK from the General Department of Customs on implementing VAT rate declarations, identifying the name and applying the HS code of imported goods not eligible for VAT reduction according to Decree 15/2022/ND-CP.

++ Guidance on identifying the name and applying the HS code of goods not eligible for VAT reduction.

+ On March 23, 2022, the Ministry of Finance issued Official Dispatch 2688/BTC-TCT on value-added tax (VAT) as per Decree 15/2022/ND-CP.

++ Guidance on groups of goods and services not eligible for VAT reduction and invoice issuance timelines.

- Legal documents on VAT reduction in 2023

+ Decree 44/2023/ND-CP by the Government of Vietnam stipulating VAT reduction policies according to Resolution 101/2023/QH15 on June 24, 2023, by the National Assembly

++ Continuing the VAT reduction from 10% to 8% until the end of 2023

+ Resolution 101/2023/QH15 regarding the Fifth Session, Legislature XV

++ Implementing a 2% VAT rate reduction from July 1, 2023, until the end of December 31, 2023.

- Legal documents on VAT reduction in 2024

+ Decree 94/2023/ND-CP stipulating VAT reduction policies according to Resolution 110/2023/QH15 on November 29, 2023, by the National Assembly

++ VAT reduction from January 1, 2024, to June 30, 2024.

+ Decree 72/2024/ND-CP on VAT reduction policies according to Resolution 142/2024/QH15

++ VAT reduction from July 1, 2024, to January 1, 2025.

Where to submit VAT declaration in Vietnam?

According to Article 45 of the Tax Administration Law 2019, specific regulations on the place of submission of tax declarations are as follows:

- Taxpayers submit their tax declarations at the directly managing tax authority.

- In case of submission through a one-stop-shop mechanism, the location for tax file submission shall follow the regulations of that mechanism.

- The location for submission of tax declarations for exported and imported goods shall follow the provisions of the Customs Law.

- The Government of Vietnam regulates the location for filing tax declarations in the following cases:

+ Taxpayers with multiple production and business activities;

+ Taxpayers conducting production and business in multiple locations; those incurring tax obligations for types of taxes declared and paid per each occurrence;

+ Taxpayers incurring tax obligations related to land use; granting rights for water resources and mineral resource exploitation;

+ Taxpayers incurring tax obligations regarding personal income tax finalization;

+ Taxpayers declaring taxes through electronic transactions and other necessary cases.

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