- Proposals to amend the VAT Law in Vietnam will be debated during the National Assembly’s Standing Committee’s 28th session.
- Proponents argue for a 5% VAT import tax on imported fertilisers and agricultural supplies.
- Supporters believe that implementing these taxes will secure a stable revenue stream for the State’s budget and align with international norms.
- The significant imports of fertilisers in recent years have created an unfair advantage against domestically produced fertilisers.
- Domestic fertiliser producers are concerned about the situation as it increases their costs and hinders their competitiveness against imported fertilisers.
- The absence of VAT on imported fertilisers also negatively affects the State’s revenue and farmers who face higher input costs.
- Experts argue that a 5% VAT tax on fertilisers makes economic sense and aligns with the country’s tax reform strategy.
- They suggest that a unified VAT on imported and domestically produced goods will create a more even playing field.
- The director of the Plant Protection Department calls for a balanced approach to the tax regime to ensure fairness for both domestic and foreign suppliers of agricultural materials.
Source: einnews.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
