- Vietnam is revising its Law on Value-Added Tax to boost agriculture and fisheries sectors
- Draft amendments propose new VAT rates, including 5% VAT on fertiliser products and fishing vessels
- Ministry of Finance cites shortcomings in current VAT law, affecting enterprises’ performance
- Enterprises in agriculture and fisheries have been exempt from paying VAT, leading to higher selling prices and reduced competitiveness
- Foreign firms can lower prices due to VAT refund on exports and exemption on imports, creating unfair competition
- State has lost revenue due to failure in collecting VAT on certain products
Source: vietnamnet.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.
