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, amends and supplements many important contents related to enterprises producing and trading in the fields of agriculture, forestry and fishery.

Specifically, the regulation stipulating that businesses and cooperatives purchasing unprocessed agricultural, livestock, and aquaculture products (either farmed or caught) that have only undergone basic processing before reselling to other businesses and cooperatives are exempt from declaring and paying VAT will be abolished. Products previously exempt from VAT will now be subject to a 5% tax rate, including: fertilizers; specialized machinery and equipment for agricultural production; and offshore fishing vessels. Products currently subject to a 5% tax rate will be subject to a 10% tax rate, including: unprocessed forest products; sugar; and by-products of sugar production, including sugarcane pulp, bagasse, and sludge.

Regarding input VAT deduction, amendments have been made to provide detailed regulations for cases where businesses discover errors or omissions in the declared and deducted input VAT amount, in order to avoid difficulties in implementation. According to Article 14 of the 2024 VAT Law, if a business discovers errors or omissions in the declared and deducted input VAT amount, it may declare the tax before the tax authority or competent authority announces a tax audit decision. The conditions for input VAT deduction have been clarified: non-cash payment documents for purchased goods and services are required, except for certain specific cases as stipulated by the Government . Several additional documents have been added to the conditions for input VAT deduction for exported goods and services...

Regarding VAT refunds, the regulations stipulate that businesses producing goods or providing services subject to a 5% VAT rate are eligible for a VAT refund if their uncredited input VAT amounts to 300 million VND or more after 12 consecutive months or 4 consecutive quarters. Regulations on refund conditions are also added, along with provisions on the conditions for refunds and the responsibilities of taxpayers and tax authorities in the refund process 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