Vietnam Implements New VAT Measures to Boost Revenue and Streamline Tax Regulations

• Circular No. 01/VBHN-BTC has been published in the Vietnamese Official Gazette
• The circular includes measures to implement VAT
• The revenue threshold for VAT-exempt sales has been increased to 150 million Vietnamese dongs
• The 5 percent VAT rate will be applied to specific goods and other supplies will have reduced rates
• Specific categories of goods will not be subject to zero percent VAT
• Regulations on input VAT deductions, refunds, and refund procedures have been amended
• Specific categories exempt from VAT have been narrowed
• Export services eligible for zero percent VAT have been specified
• Rules for determining VAT and provisions of the current VAT Law have been maintained
• Provisions regulating invoices and documents have been repealed.

Source: news.bloombergtax.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.

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