Vietnam Gazettes Decree on VAT Rate Reduction

The Vietnamese Official Gazette July 13 published Decree No. 72/2024/ND-CP, and appendices, reducing the VAT rate to 8 percent from 10 percent for specified supplies of goods and services. The decree includes measures applying the reduction to supplies of: 1) telecommunications, financial activities, banking, securities, insurance, real estate business, metals, prefabricated metal products, and mining products; 2) products and services subject to special consumption tax; and 3) specified information technology (IT) services. Business establishments that calculate VAT using the deduction method can apply the reduced 8 percent rate for the goods and services. Business households and individual businesses that calculate ...