Politics

Law on Value Added Tax secures legislature's approval

The Law on the Value Added Tax was adopted at the 8th session of the 15th National Assembly (NA) in Hanoi on November 26 and is set to come into force in July next year.

NA deputies vote to pass the Law on Value Added Tax. (Photo: VNA)
NA deputies vote to pass the Law on Value Added Tax. (Photo: VNA)

Hanoi (VNA) – The Law on the Value Added Tax was adopted at the 8th session of the 15th National Assembly (NA) in Hanoi on November 26 and is set to come into force in July next year.

The legal document, consisting of four chapters and 17 articles, stipulates taxable and non-taxable entities, taxpayers, the basis and methods for tax calculation, as well as VAT deduction and refunds.

In a report presented before the vote on the law, Chairman of the NA’s Finance-Budget Committee Le Quang Manh said the current Law on Value Added Tax sets the tax-exempt revenue threshold at 100 million VND (3,934 USD) per year.

According to the Ministry of Finance, raising the threshold to 200 million VND would reduce state budget revenue by approximately 2.63 trillion VND. If the threshold were increased to 300 million VND, the state budget revenue would decline by around 6.38 trillion VND.

Therefore, to ensure a reasonable adjustment to the tax-exempt revenue threshold, aligning it with the average growth rates of GDP and CPI since 2013, the draft law proposes a threshold of 200 million VND per year./.

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