- The National Assembly discussed amending the Value Added Tax (VAT) law, focusing on unprocessed agricultural, forestry, and fishery products.
- Delegates support returning to the previous tax model (2016-2024), where these products are not subject to output VAT but input VAT is deductible, to reduce costs and administrative burdens for businesses.
- Clear legal provisions are proposed to prevent inconsistent interpretations and tax disputes across localities.
- Suggestions include assigning the Ministry of Finance to define specific criteria for what constitutes normal preliminary processing of agricultural products.
Source: vietnam.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.
Latest Posts in "Vietnam"
- Vietnam Expands E-Invoicing to Businesses with Sales Over VND 1 Billion
- National Assembly Debates VAT Law Amendments to Streamline Refunds and Support Agriculture
- Proposed VAT Law Amendments Aim to Ease Business Obstacles in Agriculture and Animal Feed Sectors
- Removing Bottlenecks in VAT Refunds to Support Disaster Recovery and Agricultural Business Restoration
- Government Proposes VAT Exemptions and Refunds to Boost Agriculture and Ease Business Burdens
