Blog > Blog > VAT > Vietnam presents VAT compliance simplification Bill - Avalara

Vietnam presents VAT compliance simplification Bill

  • VAT
  • 15 January 2013 | Admin

Vietnam presents VAT compliance simplification Bill

The Vietnamese Ministry of Finance has proposed changes to the Vietnam VAT law.  The principle changes include:

  • companies will be able to submit input VAT suffered on expenditure dating back up to 12 months.  This compares to the current time of only 6 months.
  • in addition to the above, the annual threshold for deducting input VAT is to be raised to VND 500m for refunds
  • new exemptions for health and personal insurance costs for sole traders
  • a new basis for the calculation for the liability to charge VAT for small businesses

The draft bill will not be implemented until 2014, subject to the approval of Parliament.


Avalara Author
Admin
Avalara Author Admin
Avalara helps businesses of all sizes get tax compliance right. In partnership with leading ERP, accounting, ecommerce, and other financial management system providers, Avalara delivers cloud-based compliance solutions for various transaction taxes, including sales and use, VAT, excise, communications, and other indirect tax types. Headquartered in Seattle, Avalara has offices across the U.S. and around the world in the U.K., Belgium, Brazil, and India.