Notable regulations under the amended VAT Law are summarized as follows:
- Loan interest earned by a taxpayer, who is not a credit institution, is not subject to VAT.
- Changes in definition of exported goods and services under the Amended VAT Law as follows: (i) goods and services consumed outside Vietnam and in non-tariff zones; (ii) goods and services provided to foreign customers as regulated.
- Removal of the maximum period of six (6 months) as a condition for claiming creditable input VAT. The supplemental declaration of input VAT must be conducted before the tax authority releases its tax audit decision.
The details of the Amended VAT Law were updated in our Tax Alert dated 5 July 2013.
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