Headlines 23/12/2017 11:25 SA

Regulations on items not subject to VAT amended

Quỳnh Như

This is one of the highlights of the Decree No. 146/2017/ND-CP amending the Decree No. 100/2016/ND-CP and the Decree No. 12/2015/ND-CP on Value-Added Tax (VAT) and Corporate Income Tax (CIT).

- They are mineral resources which have yet to be processed or transformed into other products;

- They are goods which are made directly from main materials that are mineral resources, and which have the aggregation of value of such mineral resources plus the energy cost that accounts for at least 51% of their production cost, except to the extent that:     

+ Such exported products are finished products produced from other intermediate products which are made from mineral resources. 

These mineral resources may be directly extracted and processed into, or purchased for further production of, or processed by hiring other toll manufacturers into, exported products, by business establishments.    

+ Such exported products are final products made from main materials which are other than mineral resources (these mineral resources have been processed into other products).

The Decree No. 146/2017/ND-CP is set to commence on February 1, 2018.

>> CLICK HERE TO READ THE ARTICLE IN VIETNAMESE

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