Vietnam Amends VAT Law: Higher Exemption Threshold, Easier Refunds, and Support for Agriculture

• Vietnam amended its VAT Law to ease financial pressure on agriculture, support domestic animal feed producers, and streamline tax refunds.
• Agricultural B2B transactions are now VAT-exempt, but input VAT credits remain deductible.
• The VAT exemption threshold for households and individuals increased from VND 200 million to VND 500 million annual revenue.
• The tax refund process is simplified by removing the requirement that sellers must have declared and paid taxes before buyers can claim refunds.
• The presumptive VAT method for non-compliant individuals and households is abolished; VAT is now based on actual revenue.

Source: regfollower.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.

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