Continue to reduce value added tax from January 1, 2024

The Government issued Decree 94/2023/ND-CP regulating value added tax reduction policy according to Resolution No. 110/2023/QH15 dated November 29, 2023 of the National Assembly.

Specifically, reduce value added tax for groups of goods and services that are 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 fabricated metal products, mining products (excluding coal mining), coke, oil refined mines, chemical products.

In addition, there are goods and services subject to information technology special consumption tax according to the law on information technology.

The reduction of value-added tax for each type of goods and services is applied uniformly at all stages of import, production, processing, and commercial business. For sold coal products (including cases where coal is then screened and classified according to a closed process before being sold) are subject to value added tax reduction. Coal products included in Appendix I issued with this Decree, at stages other than the exploitation and sale stage, are not eligible for value added tax reduction.

In addition, corporations and economic groups that carry out a closed sales process are also subject to value-added tax reduction on sold mined coal products.

In cases where goods and services specified 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, Value added tax is implemented according to the provisions of the Law on Value Added Tax and value added tax is not reduced.

The specific value-added tax reduction is as follows: a) Business establishments that calculate value-added tax using the deduction method are entitled to apply the value-added tax rate of 8% for goods and services regulated by the deduction method. specified in Clause 1 of this Article.

b) Business establishments (including business households and individual businesses) that calculate value added tax according to the percentage method on revenue are entitled to a 20% reduction in the percentage rate to calculate value added tax when issue invoices for goods and services eligible for value added tax reduction specified in Clause 1 of this Article.

This Decree takes effect from January 1, 2024 to June 30, 2024.

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