- Current VAT regulations increase the tax burden on businesses by not acknowledging economic realities of different products.
- VCCI raised concerns about VAT framework for mineral resources and exports.
- Ministry of Finance is seeking opinions to refine the draft decree on VAT Law.
- Business community calls for revisions to enhance competitiveness and reduce costs.
- VAT regulations do not differentiate between unprocessed and processed mineral resources.
- Companies must account for full VAT input as a business expense, affecting export competitiveness.
- Existing classification system inadequately groups products, ignoring distinctions between raw and processed materials.
- Businesses propose principles for certain products not to apply to others.
- Products exempt from export tax should benefit from standard VAT policy.
- Export-related services face potential double taxation, affecting Việt Nam’s trade attractiveness.
- Draft regulations on VAT rates for goods exported to duty-free zones lack clarity.
- Clearer definitions and documentation requirements could streamline compliance and reduce misunderstandings.
Source: vietnamnews.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.
