According to Chairman of the NA's Committee for Finance - Budget Le Quang Manh, the bill has four chapters and 18 articles, with many new contents.
Regarding the regulations on exempting the value added tax (VAT), many deputies proposed collecting VAT on imported goods with small values, while some others supported the exemption of VAT on goods with small values carried together with people during their entry-exit activities. Meanwhile, some suggested not applying tax exemption for goods that are movable assets and goods bought, sold, and exchanged by border residents.
Manh held that the current regulations allowing imported goods with a value of less than VND1 million (US$39,86) sent via express delivery services to be exempt from import tax and VAT at the import stage has affected the efficiency of VAT collection, especially for transactions through digital platforms and e-commerce floors.
He noted that in reality, every day, about 4 - 5 million orders with small values are shipped from China to Vietnam via e-commerce platforms, meaning that every day, US$45 - 63 million worth of small-value goods are not subject to the import tax and VAT.
The NA Committee for Finance - Budget proposed erasing Clause 1 of Article 5 of the bill regarding cases where output VAT is not payable but input VAT is deductible, explaining that this regulation is not in accordance with the principles of VAT collection, and has caused a loss in revenue of localities with high agricultural production.
NA Chairman Tran Thanh Man agreed with the opinion of the Committee for Finance - Budget, holding that the addition of the provision that "in case the seller has not declared and paid VAT, the business establishment will not receive tax refund" will address the drafting agency's concerns about controlling and settling invoice frauds.
Regarding revenue from the sale of goods and services not subject to VAT, many deputies supported the provisions on revenue thresholds in the draft law and the provisions on the NA Standing Committee's authority to adjust the thresholds for particular periods. The detailed thresholds will be further discussed.
Concluding the discussion, NA Vice Chairman Nguyen Duc Hai asked the Committee for Finance - Budget to coordinate closely with the drafting agency and relevant agencies to review and determine contents of the bill, ensuring that all contributed ideas are absorbed, the Party orientations are fully institutionalised, and the revised law is synchronised with relevant laws.
