About 5,400 foreigners are refunded VAT

VCN - Under the draft amended Law on Value-Added Tax (VAT), fertilizers are expected to be included in the category of goods subject to VAT at a rate of 5% to address the difficulties faced by domestic production enterprises and ensure that this item can compete effectively with imported products of the same type.

VCN - According to representatives of various businesses, the current regulations regarding value-added tax (VAT) rates on fertilizers have created significant challenges for these businesses. The proposed amendments to the VAT Law for fertilizers, if implemented, have the potential to alleviate many of these difficulties, providing enterprises with better opportunities to capture market share and foster a more equitable market environment.

In the first 4 months of 2024, Vietnam's economy achieved a higher growth rate than the same period of 2020-2023. However, the difficulties of the economy are still great, the recovery of the business community is still slow. Therefore, the Government has just submitted a proposal to the National Assembly for consideration, allowing to the continued implementation of the policy of reducing the value-added tax (VAT) rate by 2% for a number of groups of goods and services that are being subjected to VAT rate of 10% in the last 6 months of 2024. This is a support policy that is bringing many practical effects to people and businesses.

VCN - On April 23, the Minister of Finance issued Circular 25/2024/TT-BTC on abolishing Circular 83/2014/TT-BTC guiding the implementation of Value Added Tax (VAT) under Vietnam's Nomenclature of imports. Accordingly, Circular 83/2014/TT-BTC will be abolished from June 8, 2024.