- New laws and regulations on VAT, special consumption tax, and electronic transactions aim to standardize and increase transparency in tax procedures.
- The list of goods exempt from VAT is expanded, reducing legal risks and compliance costs for businesses; specific exemptions are now codified.
- Some previously tax-exempt items (e.g., fertilizers, fishing vessels, specialized agricultural machinery) will now be subject to a 5% VAT rate; some items previously at 5% will increase to 10%.
- Clear principles for applying tax rates are established to prevent misreporting and ensure correct tax declarations.
- The new regulations, effective from July 1, 2025, are expected to help businesses plan better and allow authorities to enhance supervision and reduce administrative procedures.
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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