Proposal to eliminate reduced rate as part of wider 2030 tax simplification plans Vietnam has proposed 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.
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
Confirmation – COVID-19 economic fallout leads to 2% VAT cut Vietnam’s government has won the backing on 28 January from the National Assembly to cut VAT from 10% to 8% on a range of services to help stimulate the economy which is struggling with COVID-19
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
Delayed electronic invoicing gets 2022 go-ahead Vietnam General Department of Taxation (GDT) is planning to implement mandatory pre-clearance e-invoicing from 1 July 2022. It has already been delayed from 1 November 2020 due to the COVID-19 crisis. Business can opt to switch now to the
COVID-19 VAT cuts for hard-hit sectors Vietnam has announced a range of measures to help businesses still coping with the ongoing COVID pandemic. A Value Added Tax rate subsidy of 30% off the standard rate. The current VAT rate in Vietnam is 10%, with a
The Vietnamese Ministry of Finance has announced a range of fiscal measures to support the economy as the coronavirus pandemic continues. This includes a 30% reduction in the 10% standard rate to 7% for income from certain sectors most affected, including: tourism; public transport; hotel
Marketplaces face new turnover tax to level playing field for domestic e-retailers and high streets Vietnam has announced a 1.5% on the income of non-resident marketplaces from their income on sales to Vietnamese consumers. The aim is to level the playing field for local online
