On December 28, 2023, the Government issued Decree 94/2023/ND-CP on value-added tax (VAT) reduction policy under Resolution 110/2023/QH15 dated November 29, 2023 of the National Assembly (Decree 94). Decree 94 takes effect from January 1, 2024 to the end of June 30, 2024 with some notable contents as follows:
(i) Regulating the scope of groups of goods and services eligible for VAT reduction;
(ii) Regulating the VAT reduction rate for each group of entities and the procedures to implement VAT reduction for each reduction level.
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