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Vietnam presents VAT compliance simplification Bill

  • VAT
  • 15 January 2013 | Richard Asquith

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.


VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.