What are details of the newest Law on value-added tax and its guiding documents in Vietnam in 2024?
What are details of the newest Law on value-added tax and its guiding documents in Vietnam in 2024?
On June 3, 2008, the National Assembly enacted the Law on value-added tax 2008 which stipulates taxable objects, non-taxable objects, taxpayers, basis, and methods of tax calculation, VAT deduction, and refund.
The Law on value-added tax 2008 has been effective since January 1, 2009, consisting of 16 articles in 5 chapters. Thus, the latest Law on value-added tax 2024 is the Law on value-added tax 2008 and is used until a replacement document is issued.
Currently, the Law on value-added tax 2008 has 15 guiding documents still effective as of October 15, 2024, and will continue to be updated (if any):
[1] Decree 49/2022/ND-CP amends Decree 209/2013/ND-CP guiding the Law on value-added tax as amended and supplemented by Decree 12/2015/ND-CP, Decree 100/2016/ND-CP, and Decree 146/2017/ND-CP
[2] Circular 43/2021/TT-BTC amends Clause 11 Article 10 of Circular 219/2013/TT-BTC guiding the Law on value-added tax and Decree 209/2013/ND-CP (as amended by Circular 26/2015/TT-BTC)
[3] Decree 146/2017/ND-CP regarding amendments to Decree 100/2016/ND-CP and 12/2015/ND-CP
[4] Circular 93/2017/TT-BTC amends Clause 3, Clause 4 Article 12 of Circular 219/2013/TT-BTC (as amended by Circular 119/2014/TT-BTC) and abolishes Clause 7 Article 11 of Circular 156/2013/TT-BTC
[5] Decree 10/2017/ND-CP financial management regulation of the Vietnam Electricity Corporation and amends Decree 209/2013/ND-CP guiding the VAT Law
[6] Circular 173/2016/TT-BTC amends the first paragraph of clause 3 Article 15 of Circular 219/2013/TT-BTC (as amended by Circular 119/2014/TT-BTC, 151/2014/TT-BTC, 26/2015/TT-BTC)
[7] Circular 92/2015/TT-BTC guides the implementation of VAT and personal income tax for resident individuals with business activities; guides amendments and supplements on personal income tax as stipulated in the Amended Tax Law 71/2014/QH13 and Decree 12/2015/ND-CP detailing the Law amending and supplementing certain articles of the Laws on tax and modifications and supplements to some articles of tax decrees
[8] Circular 26/2015/TT-BTC guides VAT and tax management as per Decree 12/2015/ND-CP, amending Circular 39/2014/TT-BTC regarding invoices for goods sales and services provision
[9] Decree 12/2015/ND-CP guides the Law amending and supplementing some articles of the Laws on tax and amendments to some Decrees on tax
[10] Circular 151/2014/TT-BTC guides the implementation of Decree 91/2014/ND-CP amending some articles in Decrees on tax regulations
[11] Decree 91/2014/ND-CP amends the decrees regulating tax
[12] Circular 119/2014/TT-BTC amends Circular 156/2013/TT-BTC, 111/2013/TT-BTC, 219/2013/TT-BTC, 08/2013/TT-BTC, 85/2011/TT-BTC, 39/2014/TT-BTC and 78/2014/TT-BTC for administrative procedure reform and simplification on tax
[13] Circular 219/2013/TT-BTC guides the VAT Law and Decree 209/2013/ND-CP
[14] Decree 209/2013/ND-CP guides the VAT Law
[15] Official Dispatch 17557/BTC-TCT year 2013 implements provisions effective from January 1, 2014, in the amended VAT Law
What are details of the newest Law on value-added tax and its guiding documents in Vietnam in 2024? (Image from the Internet)
Who is liable to pay value added tax in Vietnam in 2024?
According to Article 4 of the Law on value-added tax 2008, the entities liable for value-added tax in 2024 are organizations and individuals producing or trading in goods and services subject to VAT and organizations and individuals importing goods subject to VAT.
What is the VAT rate for clean water for production and daily life in Vietnam?
Pursuant to Clause 2, Article 8 of the Law on value-added tax 2008 as supplemented by Clause 3, Article 1 of the Law amending Law on value-added tax 2013 and Clauses 2 and 3, Article 3 of the Law Amending Various Tax Laws 2014, the tax rate is regulated as follows:
Article 8. Tax Rates
[...]
2. A tax rate of 5% applies to the following goods and services:
a) Clean water for production and daily life;
b) Ores used for fertilizer production; pest control drugs and growth stimulants for livestock and crops
d) Services related to digging, dredging channels, ditches, ponds, lakes for agricultural production; pest control for crops; preliminary processing, preservation of agricultural products;
dd) Agricultural and aquatic products unprocessed, except for products specified in Clause 1, Article 5 of this Law;
e) Semi-processed rubber; semi-processed resin; nets, ropes, and fibers for making fishing nets;
g) Fresh food; forest products unprocessed, except for wood, bamboo shoots, and products specified in Clause 1, Article 5 of this Law;
h) Sugar; by-products in sugar production, including molasses, cane bagasse, mud residue;
i) Products made from jute, sedge, bamboo, rattan, leaves, straw, coconut shell, coconut coir, water hyacinth, and other handicraft products produced from agricultural recycled materials; semi-processed cotton; newsprint paper;
[...]
Thus, the VAT rate for clean water for production and daily life is 5%.
