Vietnam: Reduced VAT through June 2024
Decree 94/2023 is effective from 1 January 2024
Decree 94/2023 is effective from 1 January 2024
The government issued guidance (Decree 94/2023) on the 2% value added tax (VAT) reduction applicable from 1 January 2024 through 30 June 2024.
Decree 94/2023 is effective from 1 January 2024 and provides that the 2% VAT reduction:
- Is applicable to groups of goods and services that are currently subject to the tax rate of 10% (with some exceptions)
- Applies to all stages including importation, manufacturing, processing, and trading
- Is applicable to business establishments that adopt VAT credit method and business establishments (including business households and business individuals) that declare and pay VAT at a deemed rate (%) of revenue
Read a January 2024 report [PDF 142 KB] prepared by the KPMG member firm in Vietnam
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