“Under the new rules, the VAT system will see major changes.
One key highlight is the mandatory use of non-cash payments for VAT input deduction. This applies even to purchases under VNĐ20 million (roughly US$770). In the past, only payments over that threshold required bank transfers. Now, businesses must show non-cash payment proof for all purchases to claim VAT credit.
This aims to prevent fake invoices and strengthen tax integrity. It may pose challenges at first for small vendors and traditional market sellers. But in the long run, non-cash payments will help them build a clear financial history, which makes it easier to access official credit.” – Viet Nam News
Source: Key Tax Reforms To Support Fairer System From July 1
Key Tax Reforms To Support Fairer System From July 1
