New guidance of the Ministry of Finance on reducing VAT to 8%

The Ministry of Finance has just issued Official Letter 2688/BTC-TCT on value added tax (VAT) in Decree 15/2022/ND-CP .

New guidance of the Ministry of Finance on reducing VAT to 8%

New guidance of the Ministry of Finance on reducing VAT to 8% (Artwork)

Accordingly, in order to ensure the consistent implementation of the contents of Decree 15/2022/ND-CP , the Ministry of Finance guides a number of contents as follows:

1. Regarding groups of goods and services not eligible for VAT reduction

Specific groups of goods and services not eligible for VAT reduction are detailed in Appendix I, II, and III issued together with Decree 15/2022/ND-CP .

Tax Departments guide taxpayers to compare goods and services produced and traded by taxpayers with groups of goods and services that are excluded from VAT reduction in order to comply with regulations.

2. About the time of invoicing

- In case a business establishment signs a service provision contract with collection of money before or during service provision, an invoice has been issued at the time of collection before February 1, 2022 with the tax rate of 10%, but the service completed in the period from February 1, 2022 to the end of December 31, 2022, then:

+ For the amount invoiced before February 1, 2022, it is not eligible for VAT reduction policy.

+ For the remaining unpaid amount, invoiced from February 1, 2022 to the end of December 31, 2022 according to the provisions of law, the VAT reduction policy will be applied.

- In case the business establishment provides goods and services subject to the tax rate of 10% in January 2022, but it is not until February 2022 that the business establishment issues an invoice for the revenue from the sale of goods and services. born in January 2022, they are in the case of making invoices at the wrong time and are not eligible for VAT reduction.

- For invoices made before February 1, 2022 with the VAT rate of 10%, after February 1, 2022, errors arise that need to be adjusted in terms of money, VAT or return of goods. the adjusted invoice, the goods return invoice shall be made with the VAT rate of 10%.

- For activities of providing royal goods and special services such as electricity supply, business establishments are entitled to VAT reduction according to regulations for invoices made from February 1, 2022 to the end of December 31,/ 2022.

Official Dispatch 2688/BTC-TCT was issued on 23/3/2022.

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