Tax payment:

On 24 April 2023, the General Department of Taxation issued Official Letter No. 1483/TCT-KK on implementation of tax collection using tax payable identifier (ID) for businesses and individuals to declare, pay taxes and fees online according to the ID code.

The ID code will be notified to businesses and individuals at the Notice of Acceptance of online tax returns; Notice of tax payment or notice on the website of the General Department of Taxation.

Enterprises and individuals are allowed to use ID codes to: look up the situation of handling tax obligations; declare and pay tax and check and adjust tax payment information on the website of the General Department of Taxation. The method of implementation follows the instructions in Appendix 02 of the Official Letter.

Draft resolution on VAT reduction, from the current 10% rate to 8%, in Vietnam in 2023:

On 2 May 2023, the Government issued Resolution 67/NQ-CP approving the draft on VAT reduction requested by the Ministry of Finance earlier on 28 April 2023. The 2% reduction in the VAT rate is applicable to all kinds of goods and services that are subject to 10% VAT.

Business establishments that calculate VAT according to the percentage on revenue are entitled to a 20% reduction in the percentage on revenue when calculating VAT.

The resolution take effect from the issuance date of the new policy to 31 December 2023.