ANTD.VN - The Government has just issued Decree No. 94/2023/ND-CP dated December 28, 2023, stipulating the policy of reducing value added tax according to Resolution No. 110/2023/QH15 dated November 29, 2023 of the National Assembly.
Accordingly, the Decree stipulates a reduction in value added tax (VAT) for groups of goods and services currently subject to a tax rate of 10%, except for the following groups of goods and services:
Telecommunications, financial activities, banking, securities, insurance, real estate business, metals and prefabricated metal products, mining products (excluding coal mining), coke, refined petroleum, chemical products;
Goods and services subject to special consumption tax;
Information technology under the law on information technology;
The reduction of value added tax for each type of goods and services according to the above regulations is applied uniformly at the stages of import, production, processing, and commercial business.
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2% VAT reduction policy applied in the first 6 months of 2024 |
For coal products that are mined and sold (including coal mined and then screened and classified according to a closed process before being sold), they are subject to value added tax reduction. Coal products listed in Appendix I issued with this Decree, at stages other than mining and selling, are not subject to value added tax reduction.
Corporations and economic groups that implement a closed process to sell are also subject to value-added tax reduction on coal products sold.
In case the goods and services listed in Appendices I, II and III issued with this Decree are not subject to value added tax or are subject to 5% value added tax according to the provisions of the Law on Value Added Tax, the provisions of the Law on Value Added Tax shall apply and no value added tax reduction shall be allowed.
Regarding the reduction in value added tax, the Decree stipulates: Business establishments calculating value added tax according to the deduction method shall apply a value added tax rate of 8% to goods and services specified in Clause 1 of this Article.
Business establishments (including business households and individual businesses) calculating value added tax according to the percentage method on revenue are entitled to a 20% reduction in the percentage rate for calculating value added tax when issuing invoices for goods and services eligible for reduced value added tax as prescribed in Clause 1 of this Article.
This Decree takes effect from January 1, 2024 to June 30, 2024.
The Government assigns ministries, according to their functions and tasks, and the People's Committees of provinces and centrally run cities to direct relevant agencies to carry out propaganda, guidance, inspection and supervision so that consumers understand and benefit from the reduction of value-added tax, focusing on solutions to stabilize supply and demand of goods and services subject to value-added tax reduction in order to stabilize market prices (prices excluding value-added tax) from January 1, 2024 to June 30, 2024.
During the implementation process, if any problems arise, the Ministry of Finance will provide guidance and resolution.
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