On January 28, 2022, the Government issued Decree 15/2022/ND-CP stipulating tax exemption and reduction policies according to Resolution No. 43/2022/QH15 of the National Assembly on fiscal and monetary policies. support the program of socio-economic recovery and development. Including provisions on reducing value-added tax for several groups of goods and services.
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Accordingly, reducing value-added tax by 2% for groups of goods and services currently applies the 10% tax rate, ie to 8%. However, this regulation also excludes several groups of goods and services including: telecommunications, information technology, financial activities, banking, securities, insurance, real estate business, metals, etc. prefabricated metal products, mining products (excluding coal mining), coke, refined petroleum, chemical products, goods and services subject to excise tax.
Photo 1: From January 1, 2023, the vat rate of many goods and services returns to 10%.
In Decree 15/2022/ND-CP, it is clear that the policy of reducing VAT from 10% to 8% applies from February 1, 2022, to the end of December 31, 2022.
Thus, until January 1, 2023, goods and services previously eligible for VAT reduction will return to the old tax rate of 10%.
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