VAT on fertiliser will be on National Assembly’s agenda this year

The Minister of Finance Ho Duc Phoc has submitted Prime Minister documents with important contents relating to value-added tax (VAT) on fertiliser products.

Accordingly, the proposed VAT rate of five per cent on fertiliser products will be included in the draft law on VAT instead of a draft National Assembly’s resolution.

The move is in line with Government’s resolution No 48/NQ-CP on the Government cabinet’s April meeting.

On April 22, the Ministry of Finance decided to establish a team specialising in the amended VAT law project. Once completing the draft law, the ministry will report Prime Minister and then seek contributions and comments from ministries, agencies, localities and people.

In the 55th meeting of the National Assembly Standing Committee of the 14th National Assembly in April, the committee agreed that comprehensive amendments to tax laws would be discussed on the agenda of the 15th National Assembly.

Earlier, on October 29, 2020, the Government submitted National Assembly a draft resolution on VAT on fertiliser products in which a VAT rate of 5 % was proposed to fertiliser products instead of 0 %, aiming to solve part of the difficulties for fertiliser producers.