- The Ministry of Agriculture and Environment proposes changes to VAT policies for livestock feed and related products.
- Recent tax incentives have supported livestock sector growth, meeting domestic demands and boosting exports.
- Current VAT law inconsistencies cause financial issues for farmers and businesses.
- Some localities impose a 5 percent tax on VAT-exempt feed materials, increasing costs for smaller businesses.
- VAT exemption on livestock feed prevents businesses from deducting input tax, raising production costs and consumer prices.
- Breeding stock faces similar VAT issues, increasing costs and competition challenges for farms.
- The Ministry suggests the Prime Minister direct the Ministry of Finance to work with other agencies to amend the law for VAT exemption on certain products.
- A resolution is recommended for immediate implementation while awaiting legal changes.
Source: en.sggp.org.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.
