Vietnam Updates VAT and Special Consumption Tax Laws to Boost Transparency and Business Compliance

• Vietnam Customs announced major updates to VAT and Special Consumption Tax laws, aiming to standardize and increase transparency in tax procedures.
• The revised VAT Law expands VAT-exempt categories, clarifies tax rates, and introduces new rules for businesses dealing with multiple goods or services.
• Some items previously exempt from VAT, such as fertilizers and fishing vessels, will now be taxed at 5%, while others like sugar and research equipment move from 5% to 10%.
• New regulations support digital transactions, reduce administrative procedures, and introduce VAT collection on low-value express shipments.
• The revised Special Consumption Tax Law removes SCT on certain air conditioners, expands exemptions for exported goods, and strengthens oversight of products affecting public health.

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.

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