- Vietnamese Ministry of Finance proposes amendments to VAT Law
- Consultation opened on draft proposal
- Key measures include increasing revenue threshold for VAT-exempt sales, applying 5% VAT rate on specific goods, and proposing specific categories of goods not subject to zero percent VAT
- Amendments also include regulations on input VAT deductions, refunds, refund procedures, calculation prices, tax-exempt individuals, and tax rates
- Specific categories exempt from VAT to be narrowed, including securities trading and debt sales, and VAT exemption for computer software products and services to be specified
- Export services eligible for zero percent VAT to be specified, with Minister of Finance assigned to guide procedures
- Rules on determining VAT time to be introduced, while provisions regulating invoices and documents to be repealed.
Source: globalvatcompliance.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.
