THE CASES NOT ELIGIBLE FOR VAT REDUCTION ACCORDING TO DECREE 15/2022/ND-CP

🍀 On January 28, 2022, the Government issued Decree 15/2022/ND-CP stipulating tax exemption and reduction policies according to Resolution 43/2022/QH15. This is one of the legal information that businesses are most interested in today.

🍀 Accordingly, from February 1, 2022 to the end of December 31, 2022, business establishments that calculate value-added tax by the deduction method may apply the value-added tax rate of 8% for goods, services are subject to the tax rate of 10%, except for the following groups of goods and services:

• Telecommunications, financial activities, banking, securities, insurance, real estate trading, metals, and prefabricated metal products, mining products (excluding coal mining), coke, refined petroleum, chemical products. Details are in Appendix I
• Products and services are subject to excise tax.
• Information technology is in accordance with the law on information technology.

🍀 The reduction of VAT for each good and service is uniformly applied on import, production, processing, business, and trade.

🍀 For the sold coal products (including the case of coal mining, then through screening, classified according to a closed process to be sold ) that are subject to value-added tax reduction.

🍀 Coal products listed in Appendix I issued together with this Decree cannot be reduced to value-added tax at other stores.

🍀 In case the goods and services mentioned in Appendices I, II and III issued together with this Decree are not subject to value-added tax or subject to a value-added tax of 5% according to the provisions of the Law on Value Added Tax then comply with the provisions of the Law on Value Added and cannot reduce value-added tax.

This Decree takes effect from February 1, 2022.

Note:

✨  If the goods and services are not subject to VAT or are only subject to 5% VAT, they are not entitled to VAT reduction.

✨  The reduction of VAT is applied uniformly at the stages of import, production, processing, business and trade.

✨  Goods and services eligible for VAT reduction must be invoiced separately. If not set up separately, VAT will not be reduced.

✨ Business establishments that have issued invoices and declared according to the tax rate or percentage to calculate VAT that have not yet been reduced: The seller and the buyer make a written record/agreement clearly stating the error; The seller issues an invoice correcting the error and delivers it to the buyer.

✨ Business establishments subject to VAT reduction has issued an ordered invoice printed in the form of a pre-printed ticket with its unused face value (if any) and has the need to continue using it, the business establishment shall stamp the price according to the price that has been reduced by 2% of VAT rate or the price that has been reduced by 20% next to the pre-printed price criterion to continue using.

✨ Business establishments shall declare goods and services eligible for VAT reduction according to Form No. 01 in Appendix IV issued with Decree 15/2022 together with the VAT declaration.

✨ The above are cases that are not eligible for VAT reduction according to Decree 15/2022/ND-CP. If you still have questions, please contact TASCO for free support and answers.

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