Vietnam MOF Seeks Comments on Draft Proposal to Amend VAT Law

The Vietnamese Ministry of Finance Jan. 5 opened a consultation on a draft proposal to develop a draft bill to amend the VAT Law. The agency explains measures to: 1) increase the revenue threshold for VAT-exempt sales to 150 million Vietnamese dongs (US$6,142) from 100 million dongs (US$4,095) for business households and individuals; 2) apply the 5 percent VAT rate on specific goods and reduce other supplies subjected to the 5 percent rate; 3) propose specific categories of goods not subject to zero percent VAT; 4) amend regulations on input VAT deductions, refunds and refund procedures, calculation prices, tax-exempt individuals, ...