1. Major Changes to Tax Identification Numbers
- Significant Change: From July 1, 2025, tax identification numbers issued by tax authorities to individuals, households, and businesses will be replaced by personal identification numbers.
- Regulation Reference: This change is outlined in Clause 2, Article 38 of Circular 86/2024/TT-BTC.
2. New Value-Added Tax (VAT) Regulations
- Exemptions: The 2024 VAT Law removes certain exemptions, including fertilizers, agricultural machinery, offshore fishing vessels, and securities services.
- Export Products: Only processed natural resource products listed by the government will be exempt from VAT.
- New Exemptions: Goods imported for disaster relief, disease control, or war support will also be exempt.
3. Changes to Tax Calculation for Imported Goods
- Current Regulation: The current VAT Law states that the tax calculation for imported goods includes the import price plus various taxes.
- New Regulation: The 2024 VAT Law modifies this to include the taxable value according to export and import tax laws.
4. Guidelines for Correcting Input VAT Errors
- Previous Guidelines: Previously, businesses could only correct input VAT errors before a tax audit was announced.
- New Guidelines: Under the new law, businesses can correct errors before the tax authority announces an audit, with specific procedures for different scenarios.
5. Refund of Input VAT
- New Refund Conditions: Businesses that only produce goods or services subject to a 5% VAT rate and have unclaimed input VAT of 300 million VND or more after 12 months can apply for a VAT refund.
6. Changes to Input VAT Deduction Conditions
- New Requirement: From July 1, 2025, all transactions must have non-cash payment documentation, even for amounts under 20 million VND, with some exceptions.
7. Adjustments to VAT Rates for Certain Goods and Services
- New 0% VAT Rate: The new law adds more categories eligible for a 0% VAT rate, including international transport and certain construction projects abroad.
- Increased VAT Rates: Some products previously exempt will now be taxed at 5%, and others will see an increase from 5% to 10%.
8. Promotional Goods Tax Regulations
- New Tax Calculation: The 2024 VAT Law states that the tax calculation for promotional goods will be at a 0% VAT rate.
9. Tax Management Principles
- Tax Obligations: All organizations and individuals are required to pay taxes as per the law.
- Transparency and Fairness: Tax authorities must manage taxes transparently and ensure the legal rights of taxpayers are protected.
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