Officially reduce VAT from 10% to 8% in 2022

Officially reduce VAT from 10% to 8% in 2022
Bảo Ngọc

On January 11, 2022, the National Assembly issued Resolution 43/2022/QH15 on fiscal and monetary policies to support the program of socio-economic recovery and development.

Accordingly, the tax exemption and reduction policies are prescribed as follows:

- Reduce 2% value-added tax rate in 2022, applicable to groups of goods and services currently applying the value-added tax rate of 10% (remaining 8%) , excluding some groups of goods. the following goods and services:

+ Telecommunications, information technology;

+ Financial activities, banking, securities, insurance, real estate business;

+ Prefabricated metal and metal products;

+ Mining products (excluding coal mining), coke, refined petroleum, chemical products, goods and services subject to excise tax.

- Allowing to be included in deductible expenses when determining taxable income of enterprises for support and sponsorship expenses of enterprises and organizations for COVID-19 prevention and control activities in Vietnam for tax period 2022.

Resolution 43/2022/QH15 takes effect from January 11, 2022 to December 31, 2023.


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