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
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
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
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
