Implementation of Decree No. 72/2024/NĐ-CP regarding the implementation of matters related to the Customs sector.

On July 1, 2024, the General Department of Customs issued Dispatch No. 3160/TCHQ-TXNK to implement matters related to the Customs sector.

1. Regarding the value-added tax (VAT) reduction policy: a) Reduction of the VAT rate by 2% for goods currently subject to a 10% VAT rate (reduced to 8%), excluding certain groups of goods such as telecommunications, information technology, metals, precast metal products, mineral products (excluding coal mining), coke, refined petroleum products, chemical products, goods subject to special consumption tax, implemented as stipulated in Article 1, Clause 1 of Decree No. 72/2024/NĐ-CP. b) Goods not eligible for VAT reduction are specifically stipulated in Appendices I, II, and III issued with Decree No. 72/2024/NĐ-CP.
2. Guidance on declaration in the VNACCS/VCIS system: Select code VB225 in the "Tax rate/applied tax rate and other charges" information field on the electronic import declaration form starting from 0:00 on July 1, 2024, to declare the 8% VAT rate for goods eligible for VAT reduction under Resolution No. 142/2024/QH15 and Decree No. 72/2024/NĐ-CP mentioned above. Code VB225 does not apply to cases where goods are exempt from VAT, or subject to VAT rates of 0%, 5%, and 10% as regulated under the VAT Law.