- Vietnam’s National Assembly passed the 2024 Law on Value-Added Tax (VAT) on 26 November 2024.
- The new VAT law will take effect on 1 July 2025.
- A 5% VAT will be imposed on fertilisers, which were previously exempt.
- The definition of taxable entities will be expanded to include foreign organisations and individuals providing services in Vietnam without a permanent establishment.
- The National Assembly has mandated the government to issue a decree regulating imported goods sold through e-commerce channels.
- VAT exemptions on low-value imports (valued at VND 1 million or less) will be removed.
Source: regfollower.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.
