Vietnam Proposes Implementing VAT on Fertilizer Products
Vietnam's Ministry of Agriculture and Rural Development proposed imposing a value-added tax on fertilizer products with the goal of boosting domestic production, the state-run CustomsNews e-magazine reported May 11. No VAT currently exists for fertilizer products. Fertilizer prices have continuously…
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increased from the end of 2020 to the beginning of 2022, driven by higher oil prices, a major production input for inorganic fertilizers, CustomsNews said. Taking the action would help drive down the increased fertilizer costs for agricultural production and, potentially, assist in a move toward green production.