Analyst Pin-board Fertilizer Industry – New VAT Policy: Benefits are not for everybody
The Ministry of Finance has proposed to the government the draft of the amendment to Tax Law No. 71, in which fertilizer is changed from being not liable to a value-added tax (VAT) to become liable to a VAT of 5%. The draft is going to be discussed and ratified in the ongoing Session 10, National Assembly XIV. If ratified, the new law will come into effect on January 1st, 2021. We expect the new policy to be a historical breakthrough for the industry, enhancing domestic companies’ competitiveness with imported fertilizer to support a sustainable growth. However, not all companies could benefit from the new policy. It will depend on their types of business and products.
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