The year 2025 marks a significant turning point in the tax system with a series of important policies being adjusted and implemented: an extension of the 2% value-added tax (VAT) reduction, amendments to the Accounting Law, Tax Administration Law, and changes to regulations on supplementary tax declarations, among others.

1. Continuation of 2% VAT Reduction from January 1, 2025

On December 31, 2024, the Government issued Decree No. 180/2024/NĐ-CP under Resolution No. 174/2024/QH15, an extension of the 2% value-added tax (VAT) reduction from January 1, 2025, to June 30, 2025.

Details:

• Deduction method: Apply an 8% VAT rate for goods and services currently subject to 10% VAT. Tax by revenue rate: Reduce the VAT calculation rate by 20%.
• Exceptions: Certain groups of goods and services (telecommunications, finance, insurance, IT, etc.) as specified in Annexes I, II, and III of the Decree are not eligible for the reduction.

2. Amendments to the Accounting Law and Tax Administration Law

Law No. 56/2024/QH15 introduced amendments to the Accounting Law and Tax Administration Law with notable changes:

• Accounting Documents: It is no longer mandatory to record the recipient’s name and address on accounting documents (Point d, Clause 1, Article 16 of the 2015 Accounting Law has been abolished).
• Tax Declaration: Supplementary tax declarations are prohibited after an audit or inspection decision is issued (amendment to Clause 1, Article 47 of the Tax Administration Law).
• Late Tax Payment Penalties: Late payment interest will be calculated continuously from the tax payment deadline until the day before the payment is made to the state budget.
• Accounting Periods: Combining the initial or final periods is allowed if it does not exceed three consecutive periods.

These amendments are being implemented to enhance efficiency and compliance in accounting and tax administration.

3. Termination of Tax Exemptions for Low-Value Imported Goods via Express Delivery

End of VAT Exemption for Foreign E-commerce Platforms from January 14, 2025

Under Resolution No. 174/2024/QH15, effective January 14, 2025, the exemption from import tax and VAT for imported goods via express delivery valued at VND 1 million or less will no longer apply.

Details:

• Goods valued under VND 1 million sent via express delivery will no longer be tax-exempt.
• Goods valued at VND 1 million or more will continue to be subject to import tax and VAT as currently applicable.

This new regulation strengthens tax management for foreign e-commerce platforms selling to Vietnam.

4. 303 Large Enterprises Managed by the Enterprise Tax Department

On November 27, 2024, the Minister of Finance issued Decision No. 2838/QĐ-BTC, which designates 303 large enterprises to be directly managed by the Enterprise Tax Department. This decision will take effect on January 1, 2025.

The General Department of Taxation will review and assess the effectiveness of tax management every two years to recommend any necessary changes to the list of enterprises.

 

Source: https://einvoice.vn/tin-tuc/tong-hop-5-chinh-sach-moi-ve-thue-co-hieu-luc-thang-01-2025