Submit to the National Assembly the amendment of the Law on Value Added Tax at the 10th Session

VTV.vn - The Government proposed amending the VAT Law using simplified procedures at the 10th Session to remove tax refund difficulties and reduce the burden on agricultural and animal feed enterprises.

According to the Government's report on the need to remove "bottlenecks" in VAT refunds for businesses, the National Assembly Standing Committee has agreed to submit to the National Assembly for consideration and decision a draft law amending and supplementing a number of articles of the Law on Value Added Tax according to simplified procedures right at this 10th session.

Law on Value Added Tax No. 48 took effect from July 1 this year. However, immediately after that, the Government and the Ministry of Finance received many recommendations from associations and businesses about problems in the value added tax policy for agriculture, animal feed and tax refunds.

Therefore, the Government proposed to amend a number of articles of the Law, including: Removing the regulation that "buyers are only entitled to tax refunds when sellers have declared and paid taxes"; restoring the regulation of not declaring and calculating taxes on input items that have not been processed or have only been processed normally in the agricultural, forestry and fishery group; and not applying value-added tax to the group of animal feed ingredients.

Currently, agricultural enterprises are expected to pay nearly VND10,000 billion in value added tax in the last 6 months of the year. If the amendments are approved, this amount will not have to be temporarily paid, helping enterprises proactively manage capital flows and turn around more effectively.

Source: https://vtv.vn/trinh-quoc-hoi-sua-luat-thue-gia-tri-gia-tang-ngay-tai-ky-hop-thu-10-100251205150721355.htm