Resolution No. 174/2024/QH15

Resolution No. 174/2024/QH15 was passed by the National Assembly on November 30, 2024, summarizing the key outcomes of the 8th session of the 15th National Assembly. 

During this session, the National Assembly approved 18 laws and 21 resolutions and provided initial feedback on 10 draft laws.  

Key Highlights of the Resolution: 

1. Continued VAT Reduction: 

• The National Assembly decided to continue the 2% reduction in value-added tax (VAT) rates for goods and services currently subject to the 10% VAT rate. However, the reduction does not apply to certain sectors, including: 
• Telecommunications, information technology, financial services, banking, securities, and insurance. 
• Real estate business, metals and fabricated metal products, mineral products (excluding coal mining), coke, refined petroleum products, and chemicals. 
• Goods and services subject to special consumption tax. 
  The VAT reduction policy will be effective from January 1, 2025, to June 30, 2025.  

2. End of VAT Exemption for E-commerce Platforms

The resolution also includes a decision to terminate the VAT exemption previously granted under Decision No. 78/2010/QD-TTg of the Prime Minister. This change aims to provide a legal framework for tax authorities to manage and collect taxes from foreign e-commerce platforms selling goods to Vietnam.  

3. Implementation via Government Decree

To implement the VAT reduction policy under this resolution, the Government issued Decree No. 180/2024/ND-CP on December 31, 2024, detailing the VAT reduction policy for the first half of 2025.