- Vietnam is revising its Law on Value-Added Tax to boost agriculture and fisheries sectors
- Draft amendments propose new VAT rates, including 5% VAT on fertiliser products and fishing vessels
- Ministry of Finance cites shortcomings in current VAT law, affecting enterprises’ performance
- Enterprises in agriculture and fisheries have been exempt from paying VAT, leading to higher selling prices and reduced competitiveness
- Foreign firms can lower prices due to VAT refund on exports and exemption on imports, creating unfair competition
- State has lost revenue due to failure in collecting VAT on certain products
Source: vietnamnet.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 and MERCOSUR FTA Negotiations: Expanding Market Access in Latin America
- Vietnam’s New Tax Compliance Rules for E-Commerce and Digital Platforms Effective July 2025
- Vietnam Updates VAT Regulations: New Decree Clarifies Exemptions, Rates, and Refund Conditions
- Vietnam Amends VAT Law: New Decree on Taxable Goods, Rates, and Refunds Effective July 1
- Criteria for Determining VAT Reduction Eligibility for Fireproof Steel Doors in Vietnam
