DNVN - The Government has just directed the Ministry of Finance to complete the Law on Value Added Tax (VAT - amended) and submit it to the Prime Minister before submitting it to the National Assembly at the upcoming session.
The Government issued Resolution No. 49/NQ-CP dated April 17, 2024 at the April 2024 law-making session. The Resolution emphasized that the Law on Value Added Tax (amended) is a difficult and complicated law project. It has a wide range of subjects of application and scope of regulation, directly affecting the rights and interests of organizations, individuals, people and businesses.
The Government requested the Ministry of Finance to complete the Law on Value Added Tax (amended) and submit it to the Prime Minister before submitting it to the National Assembly at the upcoming session (the 7th session of the 15th National Assembly, scheduled to open on May 20). In particular, the Government requested the Ministry of Finance to review the non-taxable entities and stipulate the non-taxable revenue level of business households and individuals.
The contents of the amendments to the Law on Value Added Tax that need to be completed include:
Regarding the regulations on subjects not subject to Value Added Tax, the Government assigned the Ministry of Finance to study and absorb the opinions of Government members, and fully review the goods, services/groups of goods and services that are not subject to Value Added Tax. Ensure consistency and synchronization with the provisions of relevant specialized laws in each field.
If necessary, it is possible to consider and supplement some types of goods and services not subject to Value Added Tax to meet practical requirements, ensuring the true nature of goods and services not subject to Value Added Tax.
The Government requests to review and supplement a number of goods and services not subject to Value Added Tax to meet practical requirements.
Regarding the regulations on VAT refund, the Ministry of Finance carefully reviews the regulations on cases and conditions for VAT refund, ensuring that they are reasonable, feasible, public, transparent, and convenient for people and businesses. Research the regulations on VAT refund for cases of enterprises changing ownership, converting enterprises, merging, consolidating, dividing, separating, and ceasing operations to ensure feasibility.
At the same time, it is necessary to specifically and appropriately regulate the processes, procedures and responsibilities of tax authorities, tax officers and relevant agencies, organizations and individuals, ensuring consistency and synchronization with legal regulations on tax management.
Regarding the regulations on subjects not subject to value added tax, the Ministry of Finance will study and absorb the opinions of Government members, and fully review the goods, services/groups of goods and services that are not subject to value added tax. Ensure consistency and synchronization with the provisions of relevant specialized laws in each field.
If necessary, it is possible to consider and supplement some types of goods and services not subject to value added tax to meet practical requirements, ensuring the true nature of goods and services not subject to value added tax.
Regarding the regulations on export services subject to the 0% tax rate, the Ministry of Finance continues to refer to international experience and evaluate implementation practices to study the regulations on criteria and principles for classifying and determining export services. This will serve as a basis for regulating cases of export services subject to the 0% tax rate. This will ensure fairness and the true nature of export services, while harmoniously combining state management requirements and the interests of enterprises in the export sector.
Regarding the regulations on VAT refunds, the Ministry of Finance will carefully review the regulations on cases and conditions for VAT refunds, ensuring they are reasonable, feasible, public, transparent, and convenient for people and businesses. Study the regulations on VAT refunds for cases of enterprises changing ownership, converting enterprises, merging, consolidating, dividing, separating, and ceasing operations to ensure feasibility.
Specific and appropriate regulations on processes, procedures and responsibilities of tax authorities, tax officers and relevant agencies, organizations and individuals, ensuring consistency and synchronization with legal regulations on tax management.
It is known that the current Law on Value Added Tax stipulates 26 groups of goods and services that are not subject to value added tax. In this draft revised law, the Ministry of Finance proposes to keep these 26 groups but narrow down the list of goods and services that are not subject to value added tax.
The draft law removes 12 types of goods and services that are not subject to value added tax, including: fertilizers; specialized machinery and equipment for agricultural production; offshore fishing vessels; securities depository; market organization services of stock exchanges or securities trading centers; public postal services; public telecommunications services; universal Internet services under the Government's program; zoo maintenance services; flower garden and park maintenance services; street tree maintenance services; public lighting services.
Ha Anh
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