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NA to look into VAT Law amendments next year

The Saigon Times

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HCMC – The National Assembly Steering Committee plans to start discussions on the draft of the revised VAT Law at the next session of the NA in the middle of next year.

Minister of Justice Le Thanh Long said the Value Added Tax Law should be amended given the current socio-economic landscape. The existing law came out in 2009 and has since been revised twice, in 2003 and 2005.

The Government will conduct a comprehensive review of five policy categories, encompassing goods and services exempt from VAT, the pricing basis for VAT calculation, VAT rates, input VAT deductions, and VAT refunds.

The primary goal of this VAT revision is to promptly remove barriers to business and production, streamline administrative processes, mobilize resources for socio-economic development, and ensure alignment with international best practices.

Previously, National Assembly Chairman Vuong Dinh Hue stressed the importance of evaluating all types of taxes, not just VAT, to maintain consistency with other legal documents. This is especially crucial considering the recent passage of the National Assembly’s Resolution on the global minimum tax.

He urged lawmakers to conduct a thorough examination of goods subject to VAT, with a specific focus on agricultural products, and emphasized the need for a careful review of the VAT refund process.

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