This March 2022 publication features Decree No. 15/2022/ND-CP on tax exemption and reduction policy under the National Assembly’s Resolution No. 43/2022/QH15. Besides, we also provide some instructions on how to cope with new regulations.
Decree 15/2022/ND-CP plus Resolution 11/NQ-CP guiding the implementation of Resolution 43
With regards to the latest release of Resolution 43/2022/QH15, the Government has recently issued two official documents named Decree 15/2022/ND-CP stipulating the tax exemption and reduction policy and Resolution 11/NQ-CP on the Socio-Economic Recovery and Development Program setting out a solution supporting the recovery of enterprises, cooperatives, and business households.
1. Official documents:
- VAT reduction under Decree No. 15/2022/ND-CP issued by the Government on 28 January 2022
- Public Letter No. 02/CD-TCT issued by the GDT on 09 February 2022 stimulating the launch of VAT reduction in accordance with Resolution No. 43/2022/QH15 and Decree No. 15/2022/ND-CP
2. What concerns (or) challenges do enterprises cope with?
- Would invoicing issuance timing point affect the VAT reduction mechanism under Decree 15/2022?
- If the contract has been signed before Feb 2022 and indicating 10% VAT, but the work is performed after 01 February 2022, hence entitled to the VAT reduction, what formalities are required to effect such change in VAT?
- For products quoted as VAT-inclusive price, upon 2% VAT reduction, would keeping the price unchanged be considered incompliant with regulations?
- What is the invoicing procedure for eligible VAT reduction items?
- What is the correct approach to determine the eligible product/ service via HS code?
- What is the applicable sanction policy for incompliant activities with the new Decree 15/2022?
We do trust the above points are notable and sufficient, but should you have any questions or need a deeper discussion on this issue, please do not hesitate to contact us.
For regulation changes and tax matters, we can provide you with assistance on:
- Registration, declaration of Personal Income Tax, Corporate Tax, VAT and Foreign Contractor Tax.
- Tax refunds assistance and representation.
- Consultancy on utilizing opportunities provided by transfer pricing.
- Customs advisory: Compliance & reporting; FTA and C/O; Harmonised System code classification and valuation; Inventory control; International trade arrangement; and Others.
[ENG] Mazars in Vietnam_Tax & Legal Newsletter_March 2022
[VIE] Mazars Việt Nam_Tin Thuế và Luật_Tháng 3, 2022