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Saturday, March 29, 2025

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Biting nails

The draft of the amended Law on Value Added Tax, in which the 0% value added tax (VAT) for services provided to non-tariff and export processing zones and the scope of export services eligible for the 0% VAT is narrowed, is causing anxiety among export processing enterprises in Vietnam. For medium-sized export processing enterprises, the absolute figure of the input VAT, if any, might amount to tens of millions of U.S. dollars a year per enterprise. The National Assembly (NA) recently debated the draft of the amended Law on VAT for the first time, with a final decision expected at its October 2024 sitting. A contentious point in the draft is the proposed elimination of the 0% VAT for services supplied to non-tariff and export processing zones. The draft further restricts the scope of export services that qualify for a zero VAT. Under the new proposal, only international transport, leasing of means of transport outside Vietnam’s territory, and aviation and maritime services provided, directly or through agents, for international transport will remain eligible for the 0% VAT. This means that many other services would face higher VAT rates, rising from the current 0% to either 5% or 10%. Additionally, there […]
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