On 06/4/2016, the National Assembly passed Law No. 106/2016 / QH13 amending and supplementing a number of articles of the Law on Value Added Tax, the Law on Special Consumption Tax and the Law on Tax Administration.
In particular, there are some new highlights as follows:
- Removing the regulation that business establishments shall be refunded input value added tax not yet deducted if they accumulate after at least twelve months from the first month or at least four quarters after the first quarter arises tax amounts. Value added is not deducted.
- Additional objects not subject to value added tax:
+ Elderly care services, people with disabilities
+ Export products are goods processed from natural resources and minerals with the total value of natural resources and minerals, plus energy costs accounting for 51% of the cost of products or more.
- The fine level for delayed tax payment is 0.03% / day calculated on the delayed tax amount.
Law No. 106/2016 / QH13 is effective as of July 1,
Source: Diem My (thuvienphapluat.vn)