Strive for the only one tax rate to be applied basically in Vietnam

Strive for the only one tax rate to be applied basically in Vietnam is one of the solutions of the Tax System Reform Strategy to 2030 approved in Decision 508/QD-TTg April 23, 2022 in Vietnam.

Strive for the only one tax rate to be applied basically in Vietnam(Illustration)

According to the Decision in Vietnam, the overall objective of the Strategy is to build a modern, streamlined, efficient and effective tax system of Vietnam; unified, transparent, intensive and professional management of taxes, fees and charges by utilizing the method of risk management, boosting information technology application, simplifying administrative procedures, reducing compliance costs of the public and businesses as taxpayers….

One of the solutions to implement the Strategy is tax policy reform.

Specifically, 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 in Vietnam.

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 in Vietnam.

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...

See more content at Decision 508/QD-TTg dated April 23, 2022.


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