Mazars Vietnam Tax and Legal Updates - May 2016 part 2
On 06 April 2016, Vietnamese National Assembly approved the Law on the amendments and supplements to the Law on Value Added Tax (“VAT”), the Law on Special Consumption Tax (“SCT”) and the Law on Tax Administration. There are several noticeable points as follows:
Amendment and supplement to the Law on VAT
Beside the supplement of several non-taxable goods/services, we would like to emphasize the remarkable change on cases allowable for VAT refund.
Amendment and supplement to the Law on SCT
- Taxable price
- Amendment on SCT rate applied to automobiles
Amendment and supplement to the Law on Tax Administration
- The interest rate for late tax payments has been reduced from 0.05%/day to 0.03%/day.
- The deadline for payment of Export and Import Duty is removed
Download the full guide as below.