Vietnam: Ministry of Finance Proposes Amendments to VAT Law
The Vietnamese Ministry of Finance, in a move to amend the VAT Law, has opened a consultation on a draft proposal with the following key measures:
- Increase the revenue threshold for VAT-exempt sales to 150 million Vietnamese dongs for business households and individuals.
- Apply a 5% VAT rate on specific goods and reduce other supplies subjected to the 5%
- Propose specific categories of goods not subject to zero percent VAT.
- Amend regulations on input VAT deductions, refunds, refund procedures, calculation prices, tax-exempt individuals, and tax rates.
- Narrow specific categories exempt from VAT, including securities trading and debt sales, and specify VAT exemption for computer software products and services.
- Specify export services eligible for zero percent VAT, with the Minister of Finance assigned to guide procedures for its application.
- Introduce rules specifying the time of determining VAT and maintain provisions of the current VAT Law, including scope, taxable subjects, and calculation methods.
- Repeal provisions regulating invoices and documents.
Source: chinhphu.vn
