The National Assembly approved the content of reducing VAT by 2% from July 1, 2024 to the end of 2024. Specifically,
Regarding the implementation of a 2% reduction in value-added tax rates specified in Clause 1, Article 1 of the National Assembly's Resolution No. 142/2024/QH15 on June 29, 2024
"Article 1. Value-added tax reduction"
1. Value-added tax reduction for groups of goods and services currently subject to a tax rate of 10%, except for the following groups of goods and services:
a) Telecommunications, financial activities, banking, securities, insurance, real estate business, metals and prefabricated metal products, and chemical products. Details are in Appendix I issued with this Decree.
b) Goods and services are subject to special consumption tax. Details are in Appendix II issued with this Decree.
c) Information technology according to the law on information technology. Details are in Appendix II issued with this Decree.
d) Value-added tax reduction for each type of goods and services specified in Clause 1 of this Article is applied uniformly at the stages of import, production, processing, and commercial business. 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 before selling are also subject to value-added tax reductions for coal products sold.
In case goods and services listed in Appendixes 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 granted.