Removing Bottlenecks in VAT Refunds to Support Disaster Recovery and Agricultural Business Restoration

• 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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