2% REDUCTION OF VALUE ADDED TAX IN THE FIRST 6 MONTHS OF 2024

On the morning of November 29, 2023, the National Assembly passed Resolution 110/2023/QH15 Friday Session, Session XV, which resolved to  reduce the value added tax rate by 2%  for groups of goods and services. services specified in Point a, Section 1.1, Clause 1, Article 3 of Resolution 43/2022/QH15 during the period  from January 1, 2024 to June 30, 2024 .

The 2% VAT reduction applies to groups of goods and services that are currently subject to a 10% value-added tax rate (to 8%), except for the following groups of goods and services: telecommunications, information technology, financial activities, banking, securities, insurance, real estate business, metals, prefabricated metal products, mining products (excluding coal mining), coke , refined petroleum, chemical products, goods and services subject to special consumption tax. The content of items not eligible for 2% VAT reduction is detailed in Decree 44/2023/ND-CP.

At the same time, the National Assembly assigned the Government to organize timely and effective implementation, without affecting the 2024 state budget revenue and overspending estimates according to the National Assembly’s Resolution, and report to the National Assembly on implementation results. at the 7th Session of the 15th National Assembly.