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Vietnam Agrees To Maintain VAT Lower Rates

Mary Swire, Tax-News.com, Washington

25 March 2013


Given the current uncertain economic situation, the National Assembly has agreed with the Vietnamese Government not to proceed with moves to withdraw the country's lower value added tax (VAT) rates.

According to the previously-agreed VAT reform program for the period from 2011 to 2020, the groups of goods and services that currently enjoy the preferential 5% tax rate should be cut back, so as to finally apply only the general tax rate by 2020.

However, in light of the present difficult conditions for businesses, the National Assembly deputies agreed, temporarily, not to reduce the number of products that enjoy the preferential rate (or those items that are zero-rated), particularly as they are predominantly goods required as inputs for the agricultural sector and essential commodities.

TAGS: tax | business | value added tax (VAT) | food | tax rates | Vietnam | services

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