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VAT to be reduced by 2% from January 1

The value-added tax (VAT) for most of goods and services will be cut by 2% from January 1, 2024.
Hanoi (VNA) – The value-added tax (VAT) formost of goods and services will be cut by 2% from January 1, 2024.

The government has issued Decree No. 94/2023/ND-CPregulating VAT reduction policy in line with the National Assembly’s ResolutionNo. 110/2023/QH15 dated November 29, 2023.

The decree reduces VAT for groups of goods andservices which are currently subject to the tax rate of 10% to 8%, except for telecommunications,financial activities, banking, securities, insurance, real estate trading,metals and prefabricated metal products, mining products (excluding coalmining), coke, refined petroleum, and chemical products. 

The VAT reduction will be applied to all stages,including import, manufacturing, processing and trading.

Decree No. 94 will take effect from July 1 until June30, 2024./.
VNA
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