Customs reduces VAT under Resolution No. 174/2024/QH15

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VAT reduction will support production and business activities, helping enterprises restore. Photo: T.D

On November 30, 2024, the National Assembly issued Resolution No. 174/2024/QH15 allowing VAT reduction from January 1, 2025 to June 30, 2025.

Accordingly, the GDVC requests local departments to reduce the VAT rate by 2% for products and services specified in Point a, Section 1.1, Clause 1, Article 3 of Resolution No. 43/2022/QH15 of the National Assembly on fiscal and monetary policies to support the Socio-Economic Recovery and Development Program from January 1, 2025 to June 30, 2025.

The GDVC also instructs the departments to declare on the VNACCS/VCIS system.

Specifically, the GDVC instructs to select code VB235 in the box “Code for applying tax rate and other fees” on the electronic import declaration registered from 0:00 on January 1, 2025 to declare the 8%-VAT rate for goods subject to VAT reduction as per Resolution No. 174/2024/QH15.

Code VB235 does not apply to non-VAT-able goods, VAT-able goods with tax rate of 0%, 5% under the Law on VAT and goods not subject to VAT reduction under the provisions of Resolution No. 174/2024/QH15.