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1. Process and procedures for implementing VAT reduction in 2024 according to Decree 72/2024/ND-CP
Step 1 determine the .subjects eligible for vat reduction.
Step 2 determine the reduction. Level and duration of vat reduction.
Step 3 create invoices. For goods and services .eligible for vat reduction.
Step 2 determine the reduction. Level and duration of vat reduction.
Step 3 create invoices. For goods and services .eligible for vat reduction.
Note when issuing invoices to reduce VAT to 8% in some other cases:
2. Download the VAT reduction declaration form – Form No. 01 Appendix IV attached to Decree 72/2024/ND-CP
3. Instructions on reducing VAT to 8% on electronic invoice software
3.1 For value added tax invoices
3.2 For sales invoices
3.3 Handling of erroneous tax reduction electronic invoices
3. Summary
1. Process and procedures for denmark telegram data implementing VAT reduction in 2024 according to Decree 72/2024/ND-CP
Step 1: Determine the subjects eligible for VAT reduction
First of all, businesses need to immediately determine whether their goods and services are eligible for VAT reduction under Decree 72/2024 or not in order to issue invoices at the correct tax rate prescribed from July 1, 2024.
Subjects eligible for tax reduction: Goods and services that meet the following 2 conditions:
The previous VAT rate of 10% is currently in effect.
Not included in the groups of goods website and hotsites: discover the differences and services in Appendix I, II, III issued with Decree 72/2024/ND-CP.
Goods and services not subject to the above 8% VAT reduction shall be subject to the previous normal tax rate.
→ See more:
How to look up items and industry codes crawler data that are eligible for VAT reduction in 2024
Top best electronic invoice software
Step 2: Determine the reduction level and duration of VAT reduction
Next, businesses and individual business households need to determine and clearly understand the tax rate that the goods and services of the business establishment will be applied based on the VAT
calculation method of each business.
VAT calculation method of business establishments VAT rate before reduction VAT rate after reduction according to Decree
Deduction method 10% 8% – (For goods and services subject to reduction)
Percentage method on revenue (including business households and individual businesses) The VAT rate depends on each type of service and goods. Reduce 20% of the rate % for calculating VAT – (For goods and services subject to reduction)