Enhancing and Completing Legal Regulations on VAT Policies: Proposed Amendments and Improvements

• The draft Law on Value Added Tax (amended) was discussed at the 32nd session of the National Assembly Standing Committee on March 24.
• The draft law consists of 4 chapters and 16 articles, detailing the subjects liable for tax, tax-exempt subjects, tax payers, tax calculation basis and methods, deduction and refund of value added tax.
• The purpose of the law is to improve regulations on value added tax policies to cover all revenue sources, ensure transparency, ease of understanding and implementation, and enhance the capacity and efficiency of tax management activities.
• The draft law maintains certain provisions of the current Value Added Tax Law while making adjustments and additions to align with policy content.
• Changes and additions are made to various provisions to improve tax reform trends internationally and address issues in the current tax system to ensure feasibility, transparency, and convenience for implementation organizations.

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.

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