Finance Ministry Proposes VAT Law Amendments to Unblock Billions, Support Businesses and Agriculture

• The Ministry of Finance has proposed amendments to the Law on Value Added Tax (VAT) to address tax refund bottlenecks and unblock capital for businesses.
• Current VAT regulations are causing financial pressure and capital stagnation, especially for agricultural exporters, due to advance VAT payments and delayed refunds.
• The regulations create unfair competition between domestic and imported agricultural products, as imports are not subject to VAT.
• Animal feed producers face higher costs because input VAT cannot be deducted or refunded, reducing competitiveness.
• The Ministry proposes urgent amendments to three key issues in the VAT law to support businesses, especially in agriculture and livestock.

Source: vietbao.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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