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- 03 / 06 / 2024 -
ANNULLING REGULATIONS ON THE APPLICATION OF VALUE-ADDED TAX RATES IN A NUMBER OF SEPARATE CASES FOR AQUATIC AND SEAFOOD PRODUCTS

From 08/06/2024, the method of calculating the value-added tax rate for cultivated, livestock, fishery and seafood products will be applied uniformly at the stages of import, processing and commercial business.

 

On April 23, the Minister of Finance issued Circular 25/2024/TT-BTC on the annulment of Circular 83/2014/TT-BTC guiding the implementation of Value Added Tax on the List of imported goods in Vietnam. Circular 25/2014/TT-BTC provides guidance on VAT rates for cultivated, livestock, aquatic and seafood products from unprocessed to other products or only through normal preliminary processing to fresh food, at the stage of commercial business.

 

Accordingly, enterprises and cooperatives that pay value-added tax according to the method of deduction for sale of cultivated, livestock, fishery and seafood products that have not been processed into other products or only through normal preliminary processing, fresh food for enterprises or cooperatives at the stage of commercial business are not required to declare, calculation of payment of Value Added Tax;

 

In case business households, individuals, enterprises, cooperatives and other economic organizations pay Value Added Tax according to the method of direct calculation on Value Added when selling unprocessed cultivated, livestock, aquatic products, cultivated or caught seafood products into other products or only through normal preliminary processing, fresh food at the stage of commercial business shall declare and pay VAT at the rate of 1% on turnover.

 

For the remaining, they are determined to be processed and subject to 10% VAT rate at the stage of import, production, processing or commercial business.

 

Currently, the law on Value Added Tax is applied uniformly at the stages of import, production, processing and commercial business. At the same time, the VAT policy has specific regulations on taxable objects, non-taxable objects, value-added tax rates for goods and services and conditions on dossiers and procedures for application of value-added tax policies. Therefore, Circular 83/2014/TT-BTC is no longer in line with current legal policies and will be annuled from June 8, 2024.

 

This newsletter is for information purposes only on newly promulgated laws, and is not intended to advise or apply to specific cases. 

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NEW REGULATIONS ON THE PRINCIPLES OF DETERMINING ELECTRICITY GENERATION PRICES