Vietnam Gazettes Circular on Instructions for Implementing the Law on VAT (Corrected)

The Vietnamese Official Gazette Jan. 23 published Circular No. 01/VBHN-BTC, providing instructions on the implementation of the Law on VAT. The circular includes measures: 1) introducing rules specifying the time of determining VAT; 2) maintaining provisions of the current VAT Law, including scope, taxable subjects, and calculation methods; 3) explaining the VAT rate for imports and exports; 4) amending regulations on input VAT deductions, refunds and refund procedures, calculation prices, tax-exempt individuals, and tax rates; 5) repealing certain provisions regulating invoices and documents; and 6) examples of implementation. [Vietnam, Official Gazette, 01/23/24]

Reference: View Circular No. 01/VBHN-BTC of 01/04/24. ...