Is VAT applicable in Vietnam?
Value-added tax (VAT) VAT applies to goods and services used for production, trading, and consumption in Vietnam (including goods and services purchased from non-residents), with certain exemptions. A 5% rate applies generally to areas of the economy concerned with the provision of essential goods and services.
What are VAT exempt transactions in the Philippines?
Exempt transactions include, among others, certain residential sales or leases; educational services; employment; services rendered by regional or area headquarters established in the Philippines by multinational corporations that act as supervisory, communications and coordinating centers for their affiliates.
Is Vietnam a tax free country?
Residents in Vietnam have to pay tax on their worldwide income at progressive tax rates. Non-residents in Vietnam have to pay tax on their Vietnam-sourced income only, at the flat rate of 20 percent. Salary earned from working abroad is not taxed in Vietnam.
Who is VAT exempt?
Some sales of goods and services are exempt from VAT . That means if you sell these goods and services you won’t charge your customers any VAT, and if you buy them there will be no VAT to reclaim. If you make some exempt sales, you can’t reclaim VAT on any costs you incur while making those sales.
What is the VAT rate in Vietnam?
The standard VAT rate in Vietnam is 10%. There is a 5% reduced VAT rate on certain foodstuffs and a range of exempt goods and services as well as imports.
How does VAT work in Vietnam?
Value Added Tax (VAT) is the indirect tax which applies to goods and services used for production, trade and consumption in Vietnam. Goods and services purchased from overseas are also subject to VAT. The general tax rate is 10%. In respect of goods purchased from overseas, VAT must be paid at import stage.
Is fertilizer VAT exempt Philippines?
273 as amended by Republic Act No. 7716 – Expanded Value-Added Tax Law. “Sale or importation of fertilizer shall be exempted from Value Added Tax Coverage”.
Is Rice VAT exempt Philippines?
There are many exemptions, including sales or importations of agricultural goods such as livestock for breeding, rice and corn grits, seeds and fertilizers, hospital services but not those of professionals, educational services, sales of books and newspapers, bank services, and fuel imports.
HOW MUCH IS pit in Vietnam?
Tax residents are subject to PIT on their worldwide employment income, regardless of where the income is paid or earned, at progressive rates from five percent to a maximum of 35 percent. Non-resident taxpayers are subject to PIT at a flat rate of 20 percent on their Vietnam-sourced income.
What services are VAT free?
HMRC has a full list of VAT-exempt products, but some of the main goods and services that are exempt from VAT include:
- Sporting activities and physical education.
- Education and training.
- Some medical treatments.
- Financial services, insurance and investments.
What is the difference between VAT exempt and non VAT?
Zero-rated items are goods on which the Government charge VAT but the rate is currently set to zero. Exempt items are goods on which no VAT is paid or charged, but which still need to be recorded on the VAT Return. …
How does VAT payable work in the Philippines?
It is a tax on consumption levied on the sale, barter, exchange or lease of goods or properties and services in the Philippines and on importation of goods into the Philippines. It is an indirect tax, which may be shifted or passed on to the buyer, transferee or lessee of goods, properties or services.
Are there any value added tax exemptions in the Philippines?
Value Added Tax Exemptions in the Philippines. As a rule, any person who, in the course of trade or business, sells barters, exchanges, leases goods or properties, renders services, and any person who imports goods shall be subject to the value-added tax.
What is the standard rate of VAT in Vietnam?
For some categories of goods and services which are subject to special consumption tax, VAT applies to the selling price plus the special consumption tax. VAT is imposed on the supply of goods and services at three different rates: 0 percent, 5 percent and 10 percent (the standard rate).
When did Value Added Tax start in Vietnam?
HANOI – On June 3, 2008, the National Assembly passed the Law on Value-added Tax (VAT), which became effective from January 1, 2009. The VAT Law imposes tax on the value added to goods and services arising in the process of production, distribution and consumption in Vietnam, including goods and services purchased from abroad.