What are measures for value-added tax reform regarding Tax reform strategy until 2030 in Vietnam?
What are measures for value-added tax reform regarding Tax reform strategy until 2030 in Vietnam? What are measures for special consumption tax reform regarding Tax reform strategy until 2030 in Vietnam? Thank you!
What are measures for value-added tax reform regarding Tax reform strategy until 2030 in Vietnam?
Pursuant to Subsection 1.a Section III Article 1 of the Decision 508/QĐ-TTg in 2022 stipulating measures for value-added tax reform regarding Tax reform strategy until 2030 in Vietnam as follows:
a) For value-added tax: Broaden tax base by reducing categories of goods and services not subject to value added tax and categories of goods and services subject to the 5% VAT rate; strive for the only one tax rate to be applied basically; study the roadmap for increase in value added tax rate; review the thresholds of sales subject to VAT calculated according to the tax credit method and adjust them to reality; study the single method of taxation according to the percentage of sales and apply it to taxpayers whose sales are below the threshold or are not eligible to apply the tax credit method; perfect regulations related to value-added tax on exported goods and services, and ensuring that they reflect matters of substance and conform to international practices. Study any necessary amendments and supplements to regulations on VAT deduction and refund with a view to ensuring simplicity, transparency and consistency with other regulatory provisions;
What are measures for special consumption tax reform regarding Tax reform strategy until 2030 in Vietnam?
Pursuant to Subsection 1.b Section III Article 1 of the Decision 508/QĐ-TTg in 2022 stipulating measures for special consumption tax reform regarding Tax reform strategy until 2030 in Vietnam as follows:
b) For special consumption tax: Review and study any amendments and supplements to taxable items or objects to regulate consumption according to the shift in social consumption trends and the guidelines of the Party and the State on protection of public health and environment; develop a roadmap for increase in taxes on tobacco, beer and alcohol products to limit production and consumption thereof and fulfill international commitments; review any adjustment in rates of the special consumption tax on a number of items to suit socio-economic condition in the 2021 - 2030 period; study the application of a combination of proportional tax rate and absolute tax rate to a number of goods and services subject to the special consumption tax;
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