03.23.22

Temporary reduction in VAT standard rate

The Vietnamese government released Decree 15/2022/ND-CP on 28 January 2022 providing tax exemptions and reductions under Resolution 43/2022/QH15, this aims to support social-economic recovery and development.

One of the key points of this Decree is the temporary reduction on the standard VAT rate:

• The VAT for goods and services is reduced from 10% to 8%.
• This change will be effective from 1 February 2022 to 31 December 2022.