SOME NEW POINTS ABOUT DECREE 15/2022/ND-CP

Create at: 23/02/2022

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On January 28, 2021, the Government issued Decree No. 15/2022/ND-CP stipulating tax exemption and reduction policies according to Resolution No. 43/2022/QH15 of the National Assembly on fiscal and monetary policies and support the program of socio-economic recovery and development.

⏭️ Reducing VAT from 10% to 8%:

️⛳ Pursuant to Article 1 of Decree 15/2022/ND-CP, reducing value-added tax for groups of goods and services currently applying the tax rate of 10% and clearly defining groups of goods not eligible for tax reduction down here. Also in this Decree, the groups of goods not applicable include:

Telecommunication	Finance
Bank	Stock
Insurance	Real estate
Metal	Mining
Coke	Refined petroleum
Chemical products	IT is applied in accordance with the law on IT
Goods and services subject to excise tax

📌 The specific VAT reduction rate is as follows:

▪️ Business establishments that calculate value-added tax by the deduction method may apply the value-added tax rate of 8% for goods and services specified above.

▪️ Business establishments (including business households and business individuals) that calculate value-added tax by the method of percentage on turnover are entitled to a reduction of 20% of the percentage rate to calculate value-added tax when issuing invoices for goods and services eligible for value-added tax reduction specified above.

📌 Note:

▪️ Business establishments must make separate invoices for goods and services eligible for value-added tax reduction. In case a business establishment does not issue a separate invoice for goods and services eligible for value-added tax reduction, it is not entitled to a reduction of value-added tax.

▪️ In case the business establishment has issued an invoice and declared at the tax rate or percentage to calculate the value-added tax that has not yet been reduced as prescribed in this Decree, the seller, and the buyer must make a written record of an agreement specifying the error, at the same time the seller makes an invoice to correct the error and delivers the adjusted invoice to the buyer. Based on the adjusted invoice, the seller declares and adjusts the output tax, and the buyer declares the adjustment of input tax (if any).

▪️ In case a goods or service business establishment eligible for value-added tax reduction has issued an ordered invoice printed in the form of a pre-printed ticket with its unused face value (if any) and has a need to continue to use, business establishments shall make stamps according to the price that has been reduced by 2% of the value-added tax rate or the price that has been reduced by 20% of the percentage rate next to the pre-printed price criterion for continued use.

▪️ The above regulations apply from February 1, 2022, to the end of December 31, 2022.

⏭️ Deductible expenses when determining taxable income:

⛳ Pursuant to Article 2 of Decree 15/2022/ND-CP, organizations that are corporate income taxpayers under the provisions of the Law on Corporate Income Tax shall be included in deductible expenses when determining the taxable income of the corporate income tax period of 2022 for donations and sponsorships in cash and in-kind for COVID-19 prevention and control activities in Vietnam through donation-receiving units, sponsor.

⛳ In case the parent company receives support and sponsorship from member units to focus on conducting support and sponsorship activities, the parent company and member units are included in deductible expenses unless determining the taxable income corresponding to the support and sponsorship of the parent company and each member unit. The parent company must have Minutes or a document certifying the expenditure for support or sponsorship. The member unit must have legal invoices and documents in accordance with the law and have a written certification of the parent company about the support and sponsorship of each member unit.

⛳ The People's Committees of the provinces and centrally-run cities shall direct relevant local agencies to strengthen coordination, exchange, and provide information to tax authorities and customs offices for strict management. strictly handle acts of raising value, declaring unreasonable values in support and sponsorship activities; closely managing the purchase and sale prices of goods and services, invoices for the provision of goods and services, and handle cases where the purchase and sale prices on the contracts, the prices on the invoices for the provision of goods and services are not in line with reality as prescribed by law.

⏭️ Execution deadline:

▪️ Article 1 applies from February 1, 2022.

▪️ Article 2 is applicable to the corporate income tax period of 2022.

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