- The Ministry of Finance is seeking feedback on a draft decree detailing the implementation of the Value Added Tax (VAT) Law.
- The VAT Law was passed by the National Assembly on November 26, 2024, and will take effect on July 1, 2025.
- The decree aims to improve VAT regulations to cover all revenue sources, expand the tax base, and ensure transparency and ease of implementation.
- The decree also aims to simplify tax administration procedures, promote electronic tax management, protect taxpayers’ rights, and create a favorable environment for taxpayers to comply with tax laws.
- The draft decree defines taxpayers as those who engage in production or business activities, including organizations, individuals, and foreign entities.
- The draft decree outlines specific categories of taxpayers, including those registered under the Law on Enterprises, the Law on Cooperatives, and other specialized business laws.
- The draft decree also includes provisions for foreign suppliers without a permanent establishment in Vietnam who engage in e-commerce or digital platform-based business with organizations or individuals in Vietnam.
Source: baochinhphu.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.
