Vietnam: Shall VAT rate be reduced by 20% in bóng đá hôm nay trực tiếp first six months of 2025?

Vietnam: Shall VAT rate be reduced by 20%in bóng đá hôm nay trực tiếp first six months of 2025?

According to Resolution 218/NQ-CP dated November 12, 2024, bóng đá hôm nay trực tiếp Government of Vietnam assigned bóng đá hôm nay trực tiếp Ministry of Finance to lead coordination with relevant agencies and localities to research, advise, and propose bóng đá hôm nay trực tiếp development of a National Strategy on Anti-Waste, in bóng đá hôm nay trực tiếp spirit of bóng đá hôm nay trực tiếp directives from bóng đá hôm nay trực tiếp General Secretary, to report to bóng đá hôm nay trực tiếp Prime Minister within November 2024.

See bóng đá hôm nay trực tiếp detailed file of Resolution 218/NQ-CP dated November 12, 2024:Here

At bóng đá hôm nay trực tiếp same time, bóng đá hôm nay trực tiếp Ministry of Finance is to promptly summarize, assess, and advise, proposing to issue under its authority or present to competent authorities policies on tax exemption, reduction, and extension of fees and land levies in 2025 to be implemented early in bóng đá hôm nay trực tiếp year, especially bóng đá hôm nay trực tiếpcontinuation of bóng đá hôm nay trực tiếp VAT reduction in bóng đá hôm nay trực tiếp first six months of 2025to report to bóng đá hôm nay trực tiếp National Assembly at bóng đá hôm nay trực tiếp 8th session.

Vietnam: Shall VAT rate be reduced by 20% in bóng đá hôm nay trực tiếp first six months of 2025?(Image from bóng đá hôm nay trực tiếp Internet)

Which goods and services are eligible for 8% VAT rate in Vietnam?

bóng đá hôm nay trực tiếp 8% VAT is reduced from bóng đá hôm nay trực tiếp 10% rate as part of bóng đá hôm nay trực tiếp tax reduction policy to support production, business, and consumption as specified inNghị trực tiếp bóng đá việt(effective from August 13, 2024) andlịch trực tiếp bóng đá.

To be specific, according to Article 1 ofDecree 72/2024/ND-CP, bóng đá hôm nay trực tiếp VAT reduction to 8% is applied to groups of goods and services currently subject to a 10% rate, except for bóng đá hôm nay trực tiếp following:

- Telecommunications, financial activities, banking, securities, insurance, real estate business, metals and products made from cast metals, mining products (excluding coal mining), coke, refined petroleum, chemical products. Details in Appendix 1 issued withDecree 72/2024/ND-CP.

- Products and services subject to excise tax. Details in Appendix 2 issued withDecree 72/2024/ND-CP.

- Information technology according to bóng đá hôm nay trực tiếp law on information technology. Details in Appendix 3 issued withDecree 72/2024/ND-CP.

- bóng đá hôm nay trực tiếp VAT reduction for each type of goods and services specified in Clause 1 of this Article is uniformly applied at all stages of import, production, processing, and commercial business. For extracted coal items sold (including coal that is mined and then sorted and classified through a closed process before sale) are subject to VAT reduction. Coal items within Appendix 1 issued with this Decree, at other stages beyond extraction and sale, are not eligible for VAT reduction.

General corporations and economic groups implementing a closed process of sale are also eligible for VAT reduction on extracted coal items.

In cases where goods and services listed in Appendices 1, 2, and 3 issued withDecree 72/2024/ND-CPfall under non-taxable objects or those subjected to a 5% VAT as per bóng đá hôm nay trực tiếp Law on Value Added Tax, they shall comply with bóng đá hôm nay trực tiếp provisions of bóng đá hôm nay trực tiếp Law on Value Added Tax and will not receive bóng đá hôm nay trực tiếp VAT reduction.

Note: bóng đá hôm nay trực tiếp application duration for bóng đá hôm nay trực tiếp 8% VAT is until December 31, 2024.

What are regulations on VAT reduction in Vietnam before January 1, 2025?

Based on bóng đá hôm nay trực tiếp regulations in Clause 3, Article 1 ofDecree 72/2024/ND-CPregarding procedures for implementing VAT reduction:

- For businesses that calculate VAT using bóng đá hôm nay trực tiếp deduction method:

When issuing VAT invoices for goods and services qualifying for VAT reduction, bóng đá hôm nay trực tiếp VAT rate should be stated as "8%"; VAT money; bóng đá hôm nay trực tiếp total amount bóng đá hôm nay trực tiếp buyer must pay.

Based on bóng đá hôm nay trực tiếp VAT invoices, selling businesses declare their output VAT, and purchasing businesses declare their input VAT deduction according to bóng đá hôm nay trực tiếp reduced tax amount shown on bóng đá hôm nay trực tiếp VAT invoice.

In cases where selling goods and providing services with various tax rates apply, bóng đá hôm nay trực tiếp VAT invoice must clearly indicate bóng đá hôm nay trực tiếp tax rate for each good and service.

- For businesses calculating VAT based on a % rate on turnover:

When issuing sales invoices for goods and services qualifying for VAT reduction, bóng đá hôm nay trực tiếp "Amount" column should state bóng đá hôm nay trực tiếp full price before reduction.

In bóng đá hôm nay trực tiếp "Total goods and services" line, state bóng đá hôm nay trực tiếp reduced amount by 20% of bóng đá hôm nay trực tiếp % rate on turnover, and note: "reduced by... (amount) corresponding to 20% of bóng đá hôm nay trực tiếp % rate for VAT according toNghị trực tiếp bóng đá việt".

In cases where goods and services are sold, bóng đá hôm nay trực tiếp sales invoice must clearly state bóng đá hôm nay trực tiếp reduced amount.

If a business has issued invoices and declared according to bóng đá hôm nay trực tiếp pre-reduction tax rate or percentage for VAT not yet reduced per this Decree, bóng đá hôm nay trực tiếp seller and buyer must handle bóng đá hôm nay trực tiếp issued invoice following legal provisions on invoices and documentation. Based on bóng đá hôm nay trực tiếp processed invoice, bóng đá hôm nay trực tiếp seller declares output tax adjustments, and bóng đá hôm nay trực tiếp buyer declares input tax adjustments (if any).