New Points in the Law Amending Tax Laws

11:43, 11/07/2024

On April 06, 2016, the National Assembly passed the draft 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.

Law on Value-Added Tax (VAT) and the amended and supplemented Law on Tax Administration have the following new points:

- Regarding the VAT Law

+ Add regulations that exported products are goods processed from resources and minerals with the total value of resources, minerals and energy costs accounting for 51% or more of the product cost;

+ Business establishments are not entitled to VAT refunds but can carry forward the non-deductible tax amount to the next period if the investment project has not contributed the full registered charter capital, does not ensure sufficient business conditions, or for investment projects exploiting resources and minerals...

- Regarding the Law on Tax Administration

+ Exempt taxes for households and individuals with annual non-agricultural land use tax payable of 50 thousand VND or less.

+ In the case of late payment of tax compared to the deadline specified in the tax payment notice or in the handling decision of the tax authority, the taxpayer must pay the full tax amount and a late payment fee of 0.03%/day on the payable tax amount.

Tax debts before July 1, 2016, that have not been paid into the state budget will be subject to the late payment calculation as mentioned above starting from July 1, 2016.

Law No. 106/2016/QH13 takes effect from July 1, 2016.

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