Some goods and services, including finance and insurance, have received a Government waiver against paying value added tax (VAT).
Some goods and services, including finance and insurance, have received a Government waiver against paying value added tax (VAT).
Decree 123/2008/ND-CP issued on Dec. 8 details regulations and guidelines on some aspects of the Law on Value Added Tax that comes into effect on Jan. 1.
Under the decree, several services will be exempted from VAT, including life insurance, lending, discount of transferable instruments and commercial papers, financial leasing and underwriting.
Securities services that will also enjoy zero tax include brokerages, self-employed people, stock underwriting, investment consulting, securities deposits, investment funds and investment portfolio management.
Other goods that will get the same preferential treatment include unprocessed products, such as farm produce, animal husbandry and seafood products.
Health care, maintenance, construction, public transport, imported aid goods, gifts, transfer of technology, transfer of intellectual property rights, and unprocessed ores and minerals will also be exempt.
(Source: VNA)
