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.

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

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

The decree reduces VAT for groups of goods and services 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 coal mining), 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 June 30, 2024./.

Source: VNS
en.vietnamplus.vn

Related News

Latest News

General Department of Taxation reviews draft regulations on loan interest expense cap

General Department of Taxation reviews draft regulations on loan interest expense cap

The GDT said that it has coordinated with six local tax departments to organise a conference to review a draft decree that amends and supplements Decree 132/2020/NĐ-CP on tax management for enterprises with associated transactions.
The Government regulated four land valuation methods

The Government regulated four land valuation methods

VCN - The Government promulgated Decree 12/2024/NĐ-CP amended and supplemented Decree 44/2014/NĐ-CP dated May 15th, 2014 stipulated on land prices and Decree 10/2023/NĐ-CP dated April 3rd, 2023 amended and supplemented to several articles of decrees on instructions for implementation of the law on land. In particular, the Decree has regulated specifically four land valuation methods.
Government issues new regulations on land valuation

Government issues new regulations on land valuation

The domestic real estate market will have four land valuation methods instead of the current five methods, according to a new decree issued by the Government on February 5.
Proposing to have information sharing mechanism in price management

Proposing to have information sharing mechanism in price management

VCN - In the draft Decree detailing and implementing measures for a number of articles of the 2023 Price Law, the Ministry of Finance has proposed many specific tasks for price stabilization as well as market price analysis and forecasting.

More News

Policy on imported goods for export processing without a processing facility

Policy on imported goods for export processing without a processing facility

VCN - The General Department of Customs has just instructed the Hanoi Customs Department to implement regulations on importing goods for export processing without a processing facility in Vietnamese territory.
Proposing for state-owned enterprises to divest capital from loss-making enterprises

Proposing for state-owned enterprises to divest capital from loss-making enterprises

VCN - The Ministry of Finance is proposing to amend regulations on removing obstacles for enterprises in which the State holds more than 50% of charter capital in the direction of building a legal basis for these enterprises to divest capital from other enterprises suffer losses or have accumulated losses.
Untangling procedures for companies to import new products

Untangling procedures for companies to import new products

VCN - According to Da Nang Customs Department, during the customs procedures, the department received feedback from companies that want to expand their range of new products but are unsure about the correct customs declaration procedures and wish to avoid errors/subsequent administrative penalties.
Proposal for state-owned enterprises to divest capital from loss-making enterprises

Proposal for state-owned enterprises to divest capital from loss-making enterprises

VCN - The Ministry of Finance is proposing to amend regulations on removing obstacles for enterprises in which the State holds more than 50% of charter capital in the direction of building a legal basis for these enterprises to divest capital from other enterprises which suffer losses or have accumulated losses.
Restricting scrap import can affect many businesses

Restricting scrap import can affect many businesses

VCN - According to the Vietnam Confederation of Commerce and Industry (VCCI), regulations restricting scrap import can affect the operations of many businesses, so they need to be regulated according to a specific long-term roadmap.
Restrict the import of scrap can affect many businesses

Restrict the import of scrap can affect many businesses

VCN - According to the Vietnam Confederation of Commerce and Industry (VCCI), regulations restricting scrap imports can affect the operations of many businesses, so they need to be regulated according to a specific long-term roadmap.
The Government clearly stipulates the responsibilities of each agency in preventing and combating counterfeit money

The Government clearly stipulates the responsibilities of each agency in preventing and combating counterfeit money

VCN - The Government signed and promulgated Decree No.87/2023/ND-CP regulating the prevention and combat of counterfeit money and the protection of Vietnamese currency (Decree 87). The Decree takes effect from February 2, 2024.
The output reduction of the Tax Incentive Program for automobile manufacturing and assembly has not been considered

The output reduction of the Tax Incentive Program for automobile manufacturing and assembly has not been considered

VCN - According to the Ministry of Finance, the proposal to continue reducing the output of the current Tax Incentive Program for automobile manufacturing and assembly is not appropriate.
Customs solves 6 problems related to the origin of goods

Customs solves 6 problems related to the origin of goods

VCN – Submission of proofs of origin; examination of proofs of origin on websites; procedures for refusing documents certifying the origin of goods in the CPTPP Agreement... are issues that the General Department of Customs has just guided local customs departments when implementing Circular No. 33/2023/TT-BTC.
Read More

Your care

Latest Most read
General Department of Taxation reviews draft regulations on loan interest expense cap

General Department of Taxation reviews draft regulations on loan interest expense cap

The GDT said that it has coordinated with six local tax departments to organise a conference to review a draft decree that amends and supplements Decree 132/2020/NĐ-CP on tax management for enterprises with associated transactions.
The Government regulated four land valuation methods

The Government regulated four land valuation methods

The Government promulgated Decree 12/2024/NĐ-CP regulating specifically four land valuation methods.
Government issues new regulations on land valuation

Government issues new regulations on land valuation

The domestic real estate market will have four land valuation methods instead of the current five methods, according to a new decree issued by the Government on February 5.
Proposing to have information sharing mechanism in price management

Proposing to have information sharing mechanism in price management

VCN - In the draft Decree detailing and implementing measures for a number of articles of the 2023 Price Law, the Ministry of Finance has proposed many specific tasks for price stabilization as well as market price analysis and forecasting.
Policy on imported goods for export processing without a processing facility

Policy on imported goods for export processing without a processing facility

VCN - The General Department of Customs has just instructed the Hanoi Customs Department to implement regulations on importing goods for export processing without a processing facility in Vietnamese territory.
Mobile Version