| Update: | Compliance Alert – Extension of reduced VAT rate until 30 June 2025 |
| Date: | 2024-12-18 |
On November 30, 2024, Resolution No. 174/2024/QH15 was published on the Vietnamese Government Electronic Information Portal.
To continue boosting consumption and support production, the resolution extends the reduced VAT rate from ten to eight percent for certain goods and services, specified in Resolution No. 43/2022/QH15, until the end of June 2025.
The temporary VAT reduction to 8% applies to groups of goods and services originally subject to 10%, with some exceptions, for example:
- Telecommunications, information technology;
- Financial activities, banking, securities, insurance, real estate business, metals, prefabricated metal products, mining products (excluding coal mining), coke, refined petroleum, chemical products;
- Goods and services subject to special consumption tax.