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Thursday, July 25, 2024

Ministry wants 12 types of goods, services removed from VAT exemption list

By Truc Dao

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HCMC – The Ministry of Finance has proposed removing 12 types of goods and services from the value-added tax (VAT) exemption list in the draft of the revised VAT law.

These include fertilizer, machinery and equipment specifically used for agricultural production, offshore fishing vessels, securities depository, public utility telecommunication services, and internet services under government programs.

The proposal retains 26 groups of goods and services that are exempt from VAT but narrows the scope of goods and services within those groups.

The Ministry of Finance also proposed that the 0% tax rate would not apply to products and services provided on digital platforms as stipulated by the Government, ensuring flexibility in determining whether these products and services are consumed in Vietnam or abroad.

There are currently three VAT rates: 0%, 5% and 10%, which are applicable to different categories of goods and services.

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