Circular 83/2014/TT-BTC will be abolished from June 8
The bad debt ratio has increased, putting pressure on banks | |
Policies needed to encourage e-commerce to embrace circular economy |
Illustrative photo. Internet. |
Pursuant to the Law on VAT, on June 26, 2014, the Ministry of Finance issued Circular 83/2014/TT-BTC, which stipulates the List of VAT tariffs under Vietnam's Nomenclature of imports. The promulgation of Circular 83/2014/TT-BTC aims to detail the VAT rates prescribed in the law on VAT under HS codes so that Customs authorities and taxpayers have legal frawork to determine VAT rate.
However, after Circular 83/2014/TT-BTC was issued, the Law on VAT has been revised many time, so many provisions of Circular 83/2014/TT-BTC are no longer appropriate. During the implementation of Circular 83/2014/TT-BTC, many problems and obstacles have arisen, mainly due to the difference between the basis for determining VAT rates under the Law on VAT and the Circular 83/2014/TT-BTC.
The Ministry of Finance found that may provisions of Circular 83/2014/TT-BTC are replaced or specified in VAT documents after promulgating the Circular. In addition, some contents are no longer suitable for the current socio-economic development situation when the Party and State are promoting the simplification of administrative procedures, enhancing the application of information technology, overcoming overcome the overlap of the legal system.
Currently, the application of VAT rates to imports as well as the determination of goods not subject to VAT is stipulated in the Law on VAT and Government decrees and circulars of the Ministry of Finance.
Due to shortcomings in the process of implementing Circular 83/2014/TT-BTC, the Ministry of Finance said that it is unnecessary to regulate VAT rate for imports. The VAT rate for imports will be implemented in accordance with the current Law on VAT.
Accordingly, following the provisions of the Law on Promulgation of Legal Documents, the Ministry of Finance issued Circular 25/2024/TT-BTC abolishing Circular 83/2014/TT-BTC to reduce administrative procedures and create favorable conditions for Customs authorities and businesses during the implementation process.
The Ministry of Finance emphasized that the issuance of Circular 25/2024/TT-BTC aims to ensure consistency and unification in the application of the system of legal documents on VAT, avoid overlap of regulations in many different legal documents, facilitate Customs authorities and taxpayers in declaring, calculating and paying VAT on imports.
Accordingly, Circular 25/2024/TT-BTC abolishes Circular 83/2014/TT-BTC.
The General Department of Vietnam Customs requests local customs departments to disseminate and notify Circular 25/2024/TT-BTC to all customs officials and the business community.
Related News
Proposal to continue reducing VAT by 2% to support people and businesses
08:16 | 12/05/2024 Regulations
Proposal to continue reducing VAT by 2% in the last 6 months of 2024
10:35 | 05/05/2024 Regulations
Ho Chi Minh City Customs proposed to reduce VAT
09:54 | 20/03/2024 Regulations
3 recommendations of seafood businesses were promptly answered by the Ministry of Finance
09:46 | 29/02/2024 Import-Export
Latest News
E-commerce frauds require utmost in attention from regulators
20:07 | 18/05/2024 Regulations
Is animal feed containing Formic Acid precursors "helpless" in management?
16:09 | 15/05/2024 Regulations
Businesses and people expect VAT cut extension to be approved
17:06 | 13/05/2024 Regulations
Research and correct customs supervision processes at international airports
10:05 | 11/05/2024 Regulations
More News
Small, low-value items imported on e-commerce platforms should be taxed
14:43 | 09/05/2024 Regulations
Customs finds difficulties because there is no e-cigarette management policy
09:56 | 09/05/2024 Regulations
Are goods imported on-spot for export production eligible for tax refund?
09:32 | 08/05/2024 Regulations
Risk prevention solutions for export processing and production enterprises
09:12 | 07/05/2024 Regulations
Conditions for price reduction of imported goods
15:38 | 06/05/2024 Regulations
Seafood exporters are worried about some inadequacies from the two new decrees
06:47 | 30/04/2024 Regulations
Risk prevention solutions for processing and export manufacturing businesses
07:52 | 29/04/2024 Regulations
Reporting to the National Assembly for considering VAT reduction in the second half of 2024
17:09 | 14/04/2024 Regulations
The Prime Minister requested that before April 25, complete the revision of regulations on import and export of medicinal materials
10:33 | 13/04/2024 Regulations
Your care
E-commerce frauds require utmost in attention from regulators
20:07 | 18/05/2024 Regulations
Is animal feed containing Formic Acid precursors "helpless" in management?
16:09 | 15/05/2024 Regulations
Businesses and people expect VAT cut extension to be approved
17:06 | 13/05/2024 Regulations
Proposal to continue reducing VAT by 2% to support people and businesses
08:16 | 12/05/2024 Regulations
Research and correct customs supervision processes at international airports
10:05 | 11/05/2024 Regulations