- The amendment to the VAT Law aims to address urgent issues caused by natural disasters and to restore business, especially in agriculture.
- It seeks to resolve bottlenecks in VAT refunds, particularly for agricultural products, animal feed, and refund conditions.
- The draft law proposes that unprocessed or simply processed agricultural products sold between enterprises and cooperatives will not be subject to VAT but can still deduct input VAT.
- This change will reduce administrative burdens and support agricultural exports by eliminating the need for businesses to advance VAT payments and then claim refunds.
- The amendment is considered urgent and is being processed for immediate adoption to address practical challenges faced by businesses.
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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