NA to look into VAT Law amendments next year

HCMC – The National Assembly Steering Committee plans to start discussions on the draft of the revised VAT Law at the next session of the NA in the middle of next year. Director of Justice Le Thanh Long said the Value Added Tax Law should be amended given the current socio-economic landscape. The Government will conduct a comprehensive review of five policy categories, encompassing goods and services exempt from VAT, the pricing basis for VAT calculation, VAT rates, input VAT deductions, and VAT refunds. Previously, National Assembly Chairman Vuong Dinh Hue stressed the importance of evaluating all types of taxes, not just VAT, to maintain consistency with other legal documents. He urged lawmakers to conduct a thorough examination of goods subject to VAT, with a specific focus on agricultural products, and emphasized the need for a careful review of the VAT refund process.