Issuance of Decree 72 on xem bóng đá trực tiếp nhà cái policy of reducing value-added tax in Vietnam

Issuance of Decree 72 on xem bóng đá trực tiếp nhà cái policy of reducing value-added tax in Vietnam

On June 30, 2024, xem bóng đá trực tiếp nhà cái Government issued Decree 72/2024/ND-CP, which stipulates xem bóng đá trực tiếp nhà cái policy of reducing value-added tax according to Resolution 142/2024/QH15.

- xem bóng đá trực tiếp nhà cái relevant ministries, agencies, and provincial-level People's Committees under xem bóng đá trực tiếp nhà cái central government are responsible for directing xem bóng đá trực tiếp nhà cái implementation, dissemination, guidance, inspection, and supervision to ensure that consumers understand and benefit from xem bóng đá trực tiếp nhà cái value-added tax reduction as prescribed in Article 1 of Decree 72/2024/ND-CP.

Specifically, xem bóng đá trực tiếp nhà cái focus is on stabilizing xem bóng đá trực tiếp nhà cái supply and demand of goods and services eligible for value-added tax reduction in order to maintain price stability in xem bóng đá trực tiếp nhà cái market (prices excluding value-added tax).

- In xem bóng đá trực tiếp nhà cái event of any difficulties or obstacles during xem bóng đá trực tiếp nhà cái implementation process, xem bóng đá trực tiếp nhà cái Ministry of Finance shall provide guidance and resolution.

Decree 72/2024/ND-CP is effective from July 1, 2024, until December 31, 2014.

Issuance of Decree 72 on xem bóng đá trực tiếp nhà cái policy of reducing value-added tax in Vietnam - image from internet

Which types of goods and services are eligible for value-added tax reduction in Vietnam?

Based on Clause 1, Article 1 of Decree 72/2024/ND-CP, which regulates xem bóng đá trực tiếp nhà cái reduction of value-added tax, xem bóng đá trực tiếp nhà cái following groups of goods and services will be eligible for value-added tax reduction, except for xem bóng đá trực tiếp nhà cái following:

- Telecommunications, financial activities, banking, securities, insurance, real estate business, pre-cast metals and metal products, mineral products (excluding coal mining), coke, refined petroleum products, and chemical products. Details are provided in Appendix 1 issued with Decree 72/2024/ND-CP.

- Goods and services subject to special consumption tax. Details are provided in Appendix 2 issued with Decree 72/2024/ND-CP.

- Information technology according to xem bóng đá trực tiếp nhà cái laws on information technology. Details are provided in Appendix 3 issued with Decree 72/2024/ND-CP.

- xem bóng đá trực tiếp nhà cái reduction of value-added tax for each type of goods and services as prescribed will be uniformly applied in xem bóng đá trực tiếp nhà cái stages of importation, production, processing, and commercial business.

For coal products sold (including cases where coal is mined and then screened and classified before being sold) which belong to xem bóng đá trực tiếp nhà cái group eligible for value-added tax reduction.

Coal products listed in Appendix 1 issued with Decree 72/2024/ND-CP, except for xem bóng đá trực tiếp nhà cái stage of coal mining and sale, will not be eligible for value-added tax reduction.

State-owned corporations and economic groups that implement closed-loop processes for selling coal products will also be eligible for value-added tax reduction for coal products sold.

In xem bóng đá trực tiếp nhà cái case of goods and services mentioned in Appendices 1, 2, and 3 issued with Decree 72/2024/ND-CP, which are either exempt from value-added tax or subject to a 5% value-added tax rate as stipulated in xem bóng đá trực tiếp nhà cái Law on Value Added Tax 2008, xem bóng đá trực tiếp nhà cái provisions of xem bóng đá trực tiếp nhà cái Law on Value Added Tax 2008 will apply and no value-added tax reduction will be granted.

How much is xem bóng đá trực tiếp nhà cái reduction in value-added tax in Vietnam?

Based on Clause 2, Article 1 of Decree 72/2024/ND-CP, xem bóng đá trực tiếp nhà cái reduction in value-added tax is as follows:

- Businesses that calculate value-added tax using xem bóng đá trực tiếp nhà cái deduction method will apply a tax rate of 8% for goods and services.

- Businesses (including individual businesses and household businesses) that calculate value-added tax based on a percentage of revenue will reduce xem bóng đá trực tiếp nhà cái applicable percentage by 20% when issuing invoices for goods and services eligible for value-added tax reduction.

What are xem bóng đá trực tiếp nhà cái conditions for deducting input value-added tax in Vietnam?

Based on Clause 2, Article 12 of xem bóng đá trực tiếp nhà cái Law on Value Added Tax 2008 (amended by Clause 6, Article 1 of xem bóng đá trực tiếp nhà cái amended Law on Value Added Tax in 2013), xem bóng đá trực tiếp nhà cái conditions for deducting input value-added tax are determined as follows:

- Having value-added tax invoices for purchasing goods, services, or documents for paying value-added tax at xem bóng đá trực tiếp nhà cái import stage.

- Having non-cash payment documents for purchased goods and services, except for goods and services purchased individually with a value below twenty million Vietnamese Dong.

- For exported goods and services, in addition to xem bóng đá trực tiếp nhà cái conditions specified in points a and b of this clause, xem bóng đá trực tiếp nhà cái following documents are also required: a contract signed with foreign parties for selling, processing goods or supplying services; sales invoices for goods or services; non-cash payment documents; customs declaration for exported goods.

Payment for exported goods and services in xem bóng đá trực tiếp nhà cái form of offsetting between exported goods and services and imported goods and services, or repayment on behalf of xem bóng đá trực tiếp nhà cái State, is considered non-cash payment.