Vietnam's National Assembly Approves New Law on Value Added Tax

Vietnam's National Assembly approved the 2024 Law on Value Added Tax on 26 November 2024, which updates and replaces the current VAT law with effect from 1 July 2025. Some of the key changes include:

• An expanded scope of persons considered VAT taxpayers, including:
  • organizations, households, and individuals producing and trading goods and services subject to VAT;
  • organizations and individuals importing goods subject to VAT;
  • organizations and individuals producing and trading in Vietnam that …