The Decree stipulates a reduction in value added tax 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. Details are in Appendix I issued with this Decree; goods and services subject to special consumption tax. Details are in Appendix II issued with this Decree; information technology according to the law on information technology. Details are in Appendix III issued with this Decree.
Value added tax reduction for each type of goods and services is applied uniformly at the stages of import, production, processing, and commercial business. 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.
In addition, the Decree also stipulates that business establishments calculating value added tax by the deduction method shall apply a value added tax rate of 8% to goods and services eligible for reduced value added tax. Business establishments (including business households and business individuals) calculating value added tax by the percentage method on revenue shall have 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.
In case a business establishment calculates value added tax according to the percentage method on revenue, when selling goods or providing services, the sales invoice must clearly state the amount of reduction according to regulations.
In case the business establishment has issued an invoice and declared according to the tax rate or percentage to calculate value added tax that has not been reduced according to the provisions of this Decree, the seller and the buyer shall process the issued invoice according to the provisions of law on invoices and documents. Based on the invoice after processing, the seller shall declare and adjust the output tax, the buyer shall declare and adjust the input tax (if any).
Decree 72/2024/ND-CP also specifically stipulates the procedures for implementing value-added tax reduction. For business establishments calculating value-added tax according to the deduction method, when making value-added invoices for providing goods and services subject to value-added tax reduction, the value-added tax rate line must state "8%"; value-added tax amount; total amount the buyer must pay...
Source: https://nhandan.vn/giam-thue-gia-tri-gia-tang-xuong-8-tu-ngay-17-den-31122024-post816935.html
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