Vietnam Assembly Considers Bill to Amend VAT Law

The Vietnamese National Assembly Feb. 27 accepted for consideration a bill to amend the VAT Law. The bill includes measures to: 1) introduce rules specifying the time of determining VAT; 2) maintain provisions of the current VAT Law, including scope, taxable subjects, and calculation methods; 3) explain the VAT rate for imports and exports; 4) amend regulations on input VAT deductions, refunds and refund procedures, calculation prices, tax-exempt individuals, and tax rates; 5) apply the 5 percent VAT rate on specific goods and reduce other supplies subjected to the 5 percent rate; 6) propose specific categories of goods not subject ...