30% reduction of VAT rate for many goods and services in Vietnam

30% reduction of VAT rate for many goods and services in Vietnam
Bảo Ngọc

On October 19, 2021, the Standing Committee of the National Assembly of Vietnam promulgated Resolution 406/NQ-UBTVQH15 on solutions to support businesses and people affected by COVID-19

According to the Resolution, the VAT rate will be reduced by 30% (applicable to enterprises that calculate VAT by the credit method) from November 1, 2021 to the end of December 31, 2021 for goods and services. The following:

(1) Transportation services (rail transport, water transport, air transport, other road transport); Lodging; Food Service; services of travel agencies, tour operators and support services, related to the promotion and organization of tours;

(2) Publishing products and services; cinematographic services, television program production, sound recording and music publishing; works of art and services for the creation, art, entertainment; services of libraries, archives, museums and other cultural activities; sports, entertainment and entertainment services.

Note: Goods and services in group (2) do not include publishing software and goods and services produced and traded in the online form.

For enterprises, organizations that calculate VAT according to the percentage method on the turnover of production and trading of goods and services mentioned above are entitled to a 30% reduction of the percentage rate for calculating VAT.

Resolution 406/NQ-UBTVQH15 of Vietnam takes effect from October 19, 2021.


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