VALUE-ADDED TAX REDUCTION

Dear Valued Clients,

On December 29, 2023, the Government issued Decree No. 94/2023/ND-CP prescribing value-added tax reduction under to Resolution No. 110/2023/QH15. Accordingly, VAT will continue to be reduced to 8% from January 1, 2024 to June 30, 2024 for goods and service groups currently subject to the VAT rate of 10%, except the following goods and service groups:

• Telecommunications, finance, banking, securities, insurance, real estate business, metals and precast metal products, mining products (excluding coal mining), coke, refined petroleum, and chemical products;
• Goods and services liable to excise tax;
• Information technology as defined in the law on information technology.

The reduction of VAT reduction for each goods or service type specified above shall be uniformly applied at all stages of import, production, processing and trading. Coal mined for sale (including also coal mined and then sorted out and classified under a closed process before sale) is eligible for VAT reduction.

[Kindly see the attached file for more details]

Thus, FUJILAW notify to Valued Clients to know and implement.

 Best regards./.

—-