Amendments to Law on value added tax, Law on exercise tax, Law on personal income tax, Law on corporate tax and law on resource royalty
At the meeting held on August 08, 2017, the Deputy Prime Minister Vuong Dinh Hue, in the response to the report of the Minister of Finance and opinions of attendees, concluded that five tax laws namely Law on value added tax, Law on exercise tax, Law on personal income tax, Law on corporate tax and Law on resource royalty will be amended. To be specific: 1. Law on value added tax - Value added tax (VAT) on agricultural products will be exempted when they are sold on the market. - Fertilizers, special-purpose machinery and equipment for agricultural production and offshore fishing boats will be subject to VAT; - An enterprise producing goods or providing services subject to 5% VAT will be entitled to VAT refund if its input VAT is not completely offset after 12 months or 4 quarters; - Exports that are derived from natural resources or minerals where the total value of natural resources or minerals plus energy costs makes up at least 51% of the prime cost will be sub...