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(PLVN) - The Government has just issued Decree No. 72/2024/ND-CP stipulating the policy of reducing value-added tax according to Resolution No. 142/2024/QH15 of the National Assembly. Accordingly, value-added tax on groups of goods and services currently subject to a tax rate of 10% will be reduced to 8%.
The Decree clearly states: Reduce value added tax on 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 in Appendix I issued with this Decree.
Goods and services subject to special consumption tax. Details in Appendix II issued with this Decree.
Information technology according to the law on information technology. Details 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 trading. For coal products sold (including coal mined and then screened and classified according to a closed process before being sold) 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.
According to Decree 72/2024/ND-CP, business establishments calculating value added tax by the deduction method are entitled to apply a value added tax rate of 8% to goods and services with reduced value added tax.
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.
Decree 72/2024/ND-CP specifically stipulates the order and procedures for implementing value added tax reduction.
For business establishments that calculate value added tax according to the deduction method, when making a value added invoice for providing goods and services subject to value added tax reduction, write "8%" in the value added tax rate line; value added tax amount; total amount the buyer must pay. Based on the value added invoice, business establishments selling goods and services declare output value added tax, business establishments purchasing goods and services declare input value added tax deduction according to the reduced tax amount stated on the value added invoice.
For business establishments that calculate value added tax according to the percentage method on revenue, when making sales invoices for providing goods and services subject to value added tax reduction, in the "Total amount" column, fully record the amount of goods and services before the reduction, in the "Total amount of goods and services" line, record the amount reduced by 20% of the percentage on revenue, and note: "reduced... (amount) corresponding to 20% of the percentage to calculate value added tax according to Resolution No. 142/2024/QH15".
In addition, Decree 72/2024/ND-CP also clearly states: In case a business establishment calculates value added tax according to the deduction method when selling goods and providing services applying different tax rates, the value added tax invoice must clearly state the tax rate of each good and service according to regulations.
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 takes effect from July 1, 2024 to December 31, 2024.
Source: https://baophapluat.vn/tu-hom-nay-giam-thue-vat-xuong-con-8-den-het-nam-2024-post517276.html
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