The National Assembly Standing Committee approves the reduction of VAT of 8% from July 01, 2023

Accordingly, the National Assembly Standing Committee agreed to add projects under the National Assembly's Resolution on VAT reduction into the Program of the 5th Session for submission to the National Assembly for consideration and decision according to the shortened procedures and include them in the content of the General Resolution of the National Assembly session. 

At the same time, the Government was requested to seriously learn from experience to ensure compliance with the prescribed time of submission of dossiers.
 

The National Assembly Standing Committee agreed with the scope of application of the VAT reduction policy as specified in the National Assembly's Resolution No. 43/2022/QH15 dated January 11, 2022, on fiscal and monetary policies in support of the socio-economic recovery and development program.

This Resolution is applied from July 1, 2023, to December 31, 2023.

The Government shall be responsible for organizing the prompt implementation, ensuring not to reduce the state budget revenues and the state budget balance within the 2023 state budget overspending approved by the National Assembly.

In accordance with the Resolution No. 43/2022/QH15, the tax rate is reduced from 10% to 8% for the groups of goods and services. Except for the groups of goods and services as follows: Financial activities, banks, securities, insurance, communications, information technology, real estate business...