- The Standing Committee of the National Assembly of Vietnam reviewed the draft amendment of the Value Added Tax Law on August 14th.
- The revised draft includes 4 chapters and 18 articles, with a focus on taxing cross-border low-value goods.
- Currently, there is a negative impact on VAT collection from cross-border e-commerce activities due to exemptions for low-value imported goods.
- A new regulation on customs management of cross-border e-commerce low-value goods is being drafted to increase VAT revenue.
- Suggestions were made to cancel certain provisions related to VAT deductions and exemptions in the draft law.
- The Chairman of the National Assembly recommended further review and refinement of the draft law to ensure compliance with legislation and technical aspects.
- It was agreed that only VAT general taxpayers can deduct input VAT, and goods not paying VAT cannot enjoy export tax refund policies to prevent invoice fraud.
Source: zh.vietnamplus.vn
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.
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