This is the new content prescribed in the Law amending and supplementing a number of articles of the Law on Value-Added Tax, the Law on Special Consumption Tax, and the Law on Tax Administration.
Additionally, the following subjects are also added to the list of non-taxable value-added tax:
- Enterprises and cooperatives purchasing agricultural, livestock, aquaculture products that are not processed into other products or only undergo simple processing, and selling them to other enterprises and cooperatives are not required to declare and pay value-added tax but are entitled to deduct input value-added tax;- Export products that are unprocessed natural resources and minerals; export products processed from natural resources and minerals with the total value of natural resources, minerals plus energy costs accounting for 51% or more of the product's cost price.
More details can be found in the Law amending and supplementing a number of articles of the Law on Value-Added Tax, the Law on Special Consumption Tax, and the Law on Tax Administration which takes effect from July 1, 2016.
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