- Vietnam’s new VAT Law effective July 1, 2024 introduces changes for the digital economy
- Foreign suppliers without establishments in Vietnam now liable for VAT on goods and services sold via e-commerce
- Key provisions include foreign suppliers as VAT payers and role of platform operators
- Expansion of non-taxable items and increased turnover threshold for VAT liability
- Implications for businesses include compliance requirements, support for domestic enterprises, and transparency
- The law aims to strengthen Vietnam’s tax framework and support economic growth in the digital age
Source: aslgate.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.
