Tax & Legal updates - Decree No.72/2024/ND-CP stipulates the tax reduction of Value Added Tax ("VAT") policy
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Tax & Legal updates - Decree No.72/2024/ND-CP
On 29 June 2024, the National Assembly has passed the proposal to continue the reduction of Value Added Tax (“VAT”) rate for most of goods and services, which are currently subject to the tax rate of 10%, under Resolution No. 142/2024/QH15.
The Government has just officially released Decree 72/2024/ND-CP (“Decree 72”) dated June 30, 2024, which outlines the VAT reduction extension to the last 06 months of 2024 per Resolution 142/2024/QH15. Overall, Decree 72 remains largely similar to previous VAT rate reduction Decrees.
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*Disclaimer:
This is a guide from Forvis Mazars in Vietnam to update the latest developments in tax, accounting and investment environment in Vietnam. The information and analysis or comments herein are of the generic nature and are quoted or interpreted from the regulations. We recommend that the clients contact Forvis Mazars Vietnam’s advisors for further clarification and professional advice for each particular circumstance.
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