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July 2023 Tax Alert (1)

Decree No.44/2023/ND-CP stipulating value-added tax reduction policy by resolution No.101/2023/QH15, June 24,2023 issued by National Assembly

Officially reduce 2% Value added tax (“VAT”) rate from 01 July 2023

On June 30, 2023, the Government issued Decree 44/2023/ND-CP stipulating the value-added tax reduction according to Resolution 101/2023/QH15.

Pursuant to Clause 2, Article 1 of Decree 44/2023/ND-CP, the VAT reduction is prescribed as follows:

  • For business units and establishments that calculate VAT by the deduction method: Apply the VAT rate of 8% for the group of goods and services eligible for tax reduction under Decree 44.

  • For business units, establishments and individuals that calculate VAT by the direct method: Apply a 20% reduction of the % rate to calculate VAT when issuing invoices for groups of goods and services eligible for tax reduction under Decree 44.

Basically, the Decree 44/2023/ND-CP has not changed much content compared to Decree 15/2022/ND-CP. Below is a summary of some significant amendments in the content of Decree 44:

In addition, Decree 44/2023/ND-CP mainly amends some HS codes to be consistent with the HS codes according to the List of Vietnam's exports and imports issued together with Circular 31/2022/TT-BTC.

The VAT reduction as prescribed in Decree 44/2023/ND-CP is applied from July 1, 2023 to December 31, 2023.

Bản tin nhanh T7.1 - EN
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