LEGAL UPDATES VOL 47, AUGUST 2022

LEGAL UPDATES
VOL 47, AUGUST 2022

Dear Valued Clients and Partners,

ADK Vietnam Lawyers would like to introduce to you the Legal Updates, Vol 47 of August 2022 with new legal provisions with notable contents as follows:

1. New regulations on VAT refund for investment projects

On July 29, 2022, the Government has just issued Decree 49/2022/ND-CP amending and supplementing Decree 209/2013/ND-CP guiding the amended and supplemented Law on Value-Added Tax according to Decree 12/2015/ND-CP, Decree 100/2016/ND-CP and Decree 146/2017/ND-CP.

Decree 49/2022/ND-CP has added regulations stating that business establishments in conditional business lines in the following cases shall be entitled to a value-added tax refund for the investment project:

(i) Investment projects in the investment stage, according to the provisions of the investment law, specialized laws, have been granted the license for conditional business lines by a competent state agency in one of the following forms: License or certificate or written confirmation, approval.

(ii) Investment projects in the investment stage, according to the provisions of the investment law and specialized laws, are not required to request the competent state agency to grant a license for conditional business lines in one of the following forms: License or certificate or written confirmation, approval.

(iii) Investment projects, according to the provisions of the investment law, specialized laws, are not required to have a license for conditional business lines in one of the following forms: License or certificate or written confirmation, approval.

Decree 49/2022/ND-CP takes effect from September 12, 2022.

2. Officially reduce 10% of preferential import tax on gasoline products

On August 8, 2022, the Government issued Decree 51/2022/ND-CP amending the preferential import tax rates for gasoline products in group 27.10 in the Preferential Import Tariff according to the List of goods subject to tax issued in conjunction with Decree 57/2020/ND-CP.

Accordingly, the import tax rate for motor gasoline, unleaded (HS code from 2710.12.21 to 2710.12.29) is adjusted from 20% to 10%.

Specifically, gasoline products eligible for preferential import tax rates are:

(i) RON 97 and higher, not prepared or prepared with ethanol or other

(ii) RON 90 and higher but below RON 97 not prepared or prepared with ethanol or other

(iii) Other RON not prepared or prepared with ethanol or other

Decree 51/2022/ND-CP takes effect from August 8, 2022.

We hope you found this brief legal update informative.

Kind regards./.

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