Enterprises in the fields of agriculture, forestry and fishery should pay attention to declaring and refunding value added tax.

(CT) - The Law on Value Added Tax (VAT) 2024 was passed by the National Assembly on November 26, 2024, and will officially take effect from July 1, 2025. According to the Tax Department of Region XIX, this VAT Law basically inherits the current Law; at the same time, it amends and supplements many important contents related to enterprises producing and trading in the fields of agriculture, forestry and fishery.

Specifically, the regulation that enterprises and cooperatives that purchase agricultural, livestock, aquaculture, and fishing products that have not been processed into other products or have only undergone normal preliminary processing and sell them to other enterprises and cooperatives is no longer required to declare and pay VAT. Products that are not subject to tax will be subject to a tax rate of 5%, including: fertilizers; machinery and specialized equipment for agricultural production; offshore fishing vessels. Products currently subject to a tax rate of 5% will be subject to a tax rate of 10%, including: unprocessed forest products; sugar; by-products in sugar production, including sugar cane, bagasse, and sludge.

Regarding input VAT deduction, amend and provide detailed regulations for cases where business establishments discover that the input VAT amount when declaring or deducting is incorrect or incomplete to avoid difficulties in implementation. According to Article 14 of the 2024 Law on VAT, in cases where business establishments discover that the input VAT amount when declaring or deducting is incorrect or incomplete, they can declare tax before the tax authority or competent authority announces the tax inspection decision. Supplement and clearly stipulate the conditions for input VAT deduction: having non-cash payment documents for purchased goods and services, except for some special cases as prescribed by the Government . Supplement some documents to the conditions for input VAT deduction for exported goods and services...

Regarding VAT refunds, it is supplemented and regulated that businesses that only produce goods and provide services subject to a VAT rate of 5% and have an input VAT amount of 300 million VND or more that has not been fully deducted after 12 consecutive months or 4 consecutive quarters will be eligible for a VAT refund. It is supplemented and regulated on conditions for tax refunds; it is supplemented with regulations on conditions for tax refunds and responsibilities of taxpayers and tax authorities in tax refunds to ensure feasibility in implementation...

PV

Source: https://baocantho.com.vn/doanh-nghiep-linh-vuc-nong-lam-thuy-san-luu-y-ke-khai-hoan-thue-gia-tri-gia-tang-a187576.html