- The Ministry of Finance is drafting amendments to the VAT Law, focusing on agriculture and animal feed sectors.
- Current VAT regulations cause financial strain and inefficiency for businesses exporting agricultural products, due to delayed tax refunds and capital being tied up.
- Imported agricultural and aquatic products are exempt from VAT, creating unfair competition for domestic producers who must pay VAT and wait for refunds.
- Animal feed producers face higher costs because input VAT is not deductible, making domestic products less competitive than imports.
- The draft law proposes changes to VAT exemptions and refund conditions to address these issues and improve fairness and business efficiency.
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.
Latest Posts in "Vietnam"
- Finance Ministry Proposes VAT Law Amendments to Unblock Billions, Support Businesses and Agriculture
- Amending VAT Law to Ease Tax Refunds, Reduce Capital Pressure for Agriculture and Exports
- Are Agricultural Products Bought Directly from Farmers Subject to VAT?
- Vietnam Cuts VAT to 8%: Boosting Growth, Competitiveness, and Household Welfare
- VAT Application on Agricultural Products Used as Animal Feed: Exemption or Applicable Tax Rates?
