Impact of Amended Value Added Tax Law on Citizens and Businesses: Direct Implications

• Proposed amendments to the Value Added Tax Law will directly impact the rights and interests of organizations, individuals, citizens, and businesses.
• The National Assembly discussed the draft amendments to the Value Added Tax Law in a plenary session on June 24.
• There were 63 opinions expressed during the discussion, mostly in agreement with the need to amend the law to align with the Party’s principles and address current limitations.
• Delegates provided input on various aspects of the draft law, including the necessity of enacting and implementing the law, taxable objects, tax-exempt objects, tax rates, input VAT deduction, and tax refunds.
• The amendments aim to improve the tax policy in line with economic and social development goals and previous reform strategies.
• Specific changes related to tax-exempt objects were proposed to ensure consistency with other specialized laws.
• It is essential to review and amend provisions regarding tax-exempt objects to eliminate or add certain goods and services to align with practical needs.
• The amendments will have a direct impact on the rights and interests of organizations, individuals, citizens, and businesses.

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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