vat

Businesses and households hold onto VAT cutback hopes

May 16, 2023 | 15:00

A proposal on the reduction of VAT was submitted to the National Assembly on May 5 by Minister of Finance Ho Duc Phoc, amid plenty of challenges and risks for the economy.

VAT reduction should be maintained in 2023: VCCI

November 25, 2022 | 15:03

The Vietnam Chamber of Commerce and Industry has said that a 2 per cent decrease in VAT should be sustained through next year.

VAT refund delays cause fear of bad debt for wood groups

November 17, 2022 | 16:00

As VAT refunds represent a crucial part of the cash flow of timber processors, the current delay is throwing a wrench in the operations of woodchip, furniture, and other timber-based producers, leading related associations to call for easier regulations.

Logistics companies wait on next fuel prices tweaks

July 28, 2022 | 11:00

With the hope of balancing the selling price of fuel, this month the government has asked the Ministry of Finance (MoF) to build plans to reduce VAT and excise tax for gas, to submit to the National Assembly for approval in October or November.

Keeping an eye on the economic dangers still ahead

April 18, 2022 | 15:00

It has been nearly three months since Vietnam implemented a VAT reduction from 10 per cent to 8 per cent with Decree No.15/2022/ND-CP dated January 28 on prescribing tax exemption and reduction, together with a corporate income tax (CIT) deduction for companies.

VAT reduction: impacts and problems in implementation

February 28, 2022 | 10:54

Vietnam’s Government slashed the value-added tax (VAT) rate from 10 to 8 percent earlier this month – a move that cost the State budget 49.4 trillion VND (2.2 billion USD) but, along with other support, is expected to help boost the pandemic-hit economy.

Retailers vexed with VAT implementation

February 24, 2022 | 11:34

A newly-issued VAT reduction policy has received a positive response from both consumers and businesses, especially businesses in the retail sector – however, not all businesses have the resources available to immediately apply the new rate due to implementation obstacles.

National Assembly to cut at least 2 per cent of VAT for certain goods and services

January 13, 2022 | 17:51

The National Assembly approved to decrease VAT by 2-8 per cent this year, applied on certain goods and services currently taxed with 10 per cent.

Businesses seeking access to tax cuts

November 05, 2021 | 09:00

A new bailout package worth over $900 million is expected to help local companies to recover soon through tax reductions, but for some this solution may come too late to overcome the health crisis completely.

Barriers to lending rates and VAT refunds in BOT projects soon to be resolved

August 11, 2021 | 22:56

Investors of build-operate-transfer projects are expected to rejoice over upcoming solutions related to issues surrounding lending rates and VAT refunds in August.

Risks at the fore in global wood trade

April 28, 2021 | 08:00

Many timber enterprises are facing difficulties as the General Department of Taxation is implementing a series of measures to tighten the management of VAT refunds. Meanwhile, the sector is already coping with accusations of tax evasion and anti-dumping measures in some importing markets.

Pharmaceutical groups yearn for end to VAT tangle

July 08, 2020 | 12:11

Amidst lingering complaints from businesses on VAT for imported medical devices, the Ministry of Finance has broken its silence by announcing the ongoing revision of prevailing rules, but tangled inconsistencies will remain with no timeline yet revealed.