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January 2024 Tax Alerts

1.Continuing to reduce environmental protection taxes on petrol and oil from January 1,2024 according to resolution 42/2023/UBTVQH15


The environmental protection tax for gasoline, oil, and lubricants continues to be reduced from January 01, 2024, to December 31, 2024, in accordance with the provisions of Resolution 42/2023/UBTVQH15 of the Standing Committee of the National Assembly passed on December 18, 2023. The specific tax rates are as follows:

This reduction is applied equal to the reduction in 2023, which is a 50% reduction in the environmental protection tax rate on gasoline, diesel oil, fuel oil, lubricants, and grease compared to the ceiling rate in the Tax Bracket. For fuel, the environmental protection tax rate is reduced by 70% compared to the ceiling rate in the Tax Bracket. Particularly, the environmental protection tax on flight fuel is applied according to the floor rate in the Tax Bracket.


It is also stated in the Resolution that, from January 1, 2025, the environmental protection tax on gasoline, oil, and lubricants will continue to be implemented according to the provisions in Section I, Clause 1, Article 1 of Resolution 579. /2018/UBTVQH14, specifically:

This Resolution comes into force from January 1, 2024.


2.Decree 94/2023/ND-CP stipulating value added tax (VAT) reduction policy


On December 28, 2023, the Government issued Decree No. 94/2023/ND-CP stipulating the VAT reduction policy according to Resolution No. 110/2023/QH15 dated November 29, 2023 of the National Assembly. There are some notable contents as follows:


Reduce VAT for groups of goods and services currently subject to a tax rate of 10%, except for the following groups of goods and services:

  • Telecommunications, financial activities, banking, securities, insurance, real estate business, metals and prefabricated metal products, mining products (excluding coal mining), coke, refined petroleum, chemical products;

  • Goods and services that are subject to special consumption tax;

  • Information technology according to the law on information technology.

  • Accordingly, the VAT reduction for each type of goods and services is applied uniformly at all stages of import, production, processing, and commercial business.

  • Particularly for sold coal products (including cases where coal is exploited and then screened and classified according to a closed process before being sold) are subject to VAT reduction.


Notes:

  • Coal products included in Appendix I issued together with this Decree, at any stages other than the stage of exploitation and sale, will not be subject to VAT reduction.

  • Corporations and economic groups that carry out a closed process to sell are also subject to VAT reduction on sold coal products.

  • In cases goods and services listed in Appendixes I, II and III issued with this Decree are not subject to tax or are subject to a tax rate of 5%, they will not be subject to VAT reduction.

  • The VAT reduction policy this time is not different from the regulations stated in Decree 44/2023/ND-CP for the period from July 01, 2023, to December 31, 2023

This Decree comes into force from January 1, 2024 to June 30, 2024.


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Bản tin nhanh Tháng 01.2024
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