Vietnam’s government is considering a VAT rise from the current 10% standard and 5% reduced rates. The tax rise is required to meet commitments to reduce import tariffs.
There are two proposals under review by the Finance Ministry:
- 1. Raise the standard rate from 10% to 12%, and the reduced rate from 5% to 6%; or
- 2. Consolidate all supplies currently on the two rates at a single, 10% rate.
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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.