On 11 January 2022, the National Assembly issued Resolution No. 43/2022/QH15 (“Resolution 43”) specifying some fiscal and monetary policies to support the socio-economic recovery and development. Among these policies, some notable taxation policies which was effective from 11 January 2022 to 31 December 2023 are:
- Reducing 2% value added tax (“VAT”) rate in 2022 for the goods and services which were currently subjected to 10% VAT (to 8% VAT). This policy is not applied to some types of goods and services such as telecommunications, information technology, financial activities, banking, securities, etc.
- The enterprise is allowed to included the expenses to support and finance COVID-19 prevention and control activities in Vietnam in the deductible expenses when determining corporate income taxable income for the tax year 2022.
In addition, Resolution 43 also sets out other policies to support the development of the economy in 2022 such as reducing lending interest rates, increasing public investment capital; social security policies such as increasing investment in the health system, expanding and modernizing social assistance, training, and vocational training facilities, etc.