- The draft decree amends VAT rules for agricultural, forestry, livestock, aquaculture, and fishery products.
- Unprocessed or preliminarily processed products sold by producers or catchers, including imports, are defined as non-taxable.
- Enterprises and cooperatives using the deduction method are exempt from VAT declaration and payment when selling to similar entities.
- A 5% VAT rate applies when selling these products to households, individuals, or organizations outside the exempt group; direct calculation method payers must calculate VAT at 1% of turnover.
- VAT refund conditions are removed to resolve inconsistencies and improve refund processes; the decree takes effect January 1, 2026.
Source: news.bloombergtax.com
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 VAT Refunds: Buyers No Longer Dependent on Seller Declarations Under 2025 Law Amendments
- Guidelines for VAT and Personal Income Tax Filing for Business Households and Individuals
- Guidance on 0% VAT Rate for Exported Goods and Bonded Warehouse Transactions in Vietnam
- VAT Refunds for Investment Projects and VAT Application on Cement and Clinker Exports
- New Customs Procedures Issued: HS Code Rulings, Lane Inspections, and Classification Harmonization
