VAT cut from 10% to 8% on essentials prolonged to 30 June 2024 Vietnam’s Parliament on 29 November approved a government plan to extend the existing 2% VAT cut until 30 June 2024. Whilst the economy has now stabilised since the COVID crisis, there are
Ministry of Finance say considering repeat of 2022 rate cut from 10% to 8% on basics to boost flagging growth The Vietnamese Finance Ministry has indicating it will repeat into 2023 a VAT rate cut on basic supplies. The Vietnamese economy growth is slowing: Q1
Quarterly user transaction reporting to help detect VAT fraud Vietnam has joined many countries around the world in requiring digital marketplaces / platforms to provide the tax authorities with detailed reporting on their sellers or users transactions. Marketplace operators must now provide the following levels
2% temporary cut in VAT rate Feb to Dec 2022 expires Vietnam’s standard VAT rate on a range of supplies will return to 10%. Between 1 February and 31 December 2022, the rate has been cut to 8% to help stimulate the economy which is struggling
Proposals to cut indirect taxes on fuels as inflation ticks up Vietnam’s finance ministry has put forward two alternative measures to cut indirect taxes on fuel. These are: Cut VAT 20% and Special Consumption Tax by 50%; or Cut VAT and Special Consumption Tax by
Over 90% of companies complete 2nd phase of e-invoice roll out since 21 April 2022 The second phase of the national rollout of mandatory invoicing between April and July 2022 has resulted in 764,314 tax payers registering according to the General Department of Taxation. This
Tax office seeks tax information from platforms, banks and others to tighten VAT collections Vietnam’s General Department of Taxation (GDT) has issued guidance for local tax offices to co-opt various parties in gathering details of taxable trade. This includes: Home sharing platforms Digital payments services
Plan eliminate reduced rate as part of wider 2030 tax simplification plans Vietnam is to consolidating its reduced rate of 5% with the standard rate of 10%. The reduced rate currently includes: Basic foodstuff; transport; agriculture; medicines; cultural, cinema; books; education; scientific and tech. Vietnam
Ministry of Finance launches new non-resident VAT portal The Ministry of Finance launched in March 2022 a new English-language online tax portal for foreign providers of digital services to Vietnamese consumers. The ‘General Department of Taxation of Vietnam for Foreign Providers’ portal will enable foreign
Phase 2 of electronic invoicing April to July 2022 Following the November 2021 launch of e-invoicing in six cities, it will be extended to further 57 cities of Vietnam between 1 April and 1 July 2022. This will include the option to transmit electronic invoices
