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Tax alert - February 7, 2022 – Decree 15/2022/ND-CP

Guiding the implementation of reducing Value Added Tax (“VAT”) rate to 8% for several goods and services

On January 28, 2022, the Government issued Decree 15/2022/ND-CP stipulating tax exemption and reduction policies according to Resolution 43/2022/QH15 of the National Assembly. This Decree takes effect from February 1, 2022. In this Decree, the Government specified the detailed procedures to apply the reduction of VAT rate; specified in details the goods and services which are not subject to tax reduction. This Decree answered questions of business regarding the implementation since the issuance of Resolution 43.

Specifically, business having goods and services which are eligible for VAT reduction according to Resolution 43/2022/QH15 will follow the below instruction when issuing VAT invoices:

Fill “8%” in the VAT rate section. In addition, businesses will base on VAT invoices to declare and deduct input VAT according to the reduced tax amount recorded on the VAT invoices.
Fill down all the amount before the reduction in the “total amount” section; fill the amount after the reduction in the “sub-total amount” section and note “reduced of VND (amount)” corresponding to 20%.

In addition, the appendices 1,2,3 of this Decree also state clearly the items which are not eligible for VAT reduction. Specifically, the appendices are divided into 7 levels, names, contents and HS codes on the lists of goods and services. Therefore, businesses can easily to follow and evaluate whether their goods and services are applicable for tax reduction.

Moreover, the Decree also provides the definitions and conditions for calculating deductible expenses when determining the taxable income for corporate income tax for the tax period of fiscal year 2022 regarding supporting and sponsoring expenses, supports in cash for prevent Covid-19 in Vietnam through sponsor units.

Should you have any concerns during the process of implementing the regulations, please contact us.

Decree 152022ND-CP
Download PDF • 1.10MB


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