Vietnam Gazettes Decree Introducing VAT Reduction Policies

The Vietnamese Official Gazette July 14 published Decree No. 44/2023/ND-CP, on the VAT reduction policy under Resolution No. 101/2023/QH15, effective July 1 through Dec. 31. The decree includes measures: 1) allowing businesses calculating VAT by the credit method to apply an 8 percent reduced VAT rate for specific goods and services; 2) allowing businesses and entrepreneurs calculating VAT by the turnover percentage method a reduction of 20 percent of the percentage rate to calculate VAT, when issuing invoices for goods and services eligible for VAT reduction; 3) reducing the VAT rate to 8 percent on specific groups of goods that ...