Five percent tax is assessed to scientific and technical services and services for agricultural production. Ten percent is the standard rate applied to all other goods except for maritime agents and brokerage servicemen who are assessed a 20 percent tax. Entities are required to register to pay the value added tax within 10 days from the date of issuance of the business registration certificate. Entities must declare monthly value added tax and submit a declaration form to the tax authorities within 10 days of the following month and pay the tax no later than the 25 th day of the month. Entities occurring value added tax on imported goods must pay the tax at the time of import.
Refunds are available to entities that overpay value added tax.
Diplomatic representatives and representatives of agencies of international and nongovernmental organizations are not subject to this tax provided that the interest is generated by bank accounts maintained for operational purposes in Vietnam. The Ministry of Finance recently submitted a proposal to the government with respect changes in personal income tax for high earners. High income will have to be redefined and proponents are arguing for a higher minimum threshold before tax is assessed. A drafting committee has been set up and is now working on a new proposed personal income tax law.