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blue-check Regarding VAT upon selling collateral

Official letter No. 2652/TCT-CS dated July 25th, 2022 of the General Department of Taxation regarding value added tax (VAT) policy
Posted: 22/9/2022 8:47:09 AM | Latest updated: 23/9/2022 8:58:31 AM (GMT+7) | LuatVietnam: 5543
VietlawOnline

According to clause 2 Article 3 of Decree No. 12/2015/ND-CPstatus2 (amended at point a clause 2 Article 3 of Decree No. 209/2013/ND-CPstatus2 ), when a bank sells collateral or a borrower sells collateral under authorization of the lender as debt payment, it shall be exempt from VAT.

However, the General Department of Taxation notes that if the activity of sale and purchase of assets among enterprises does not belong to the case of selling collateral as mentioned above, VAT shall not be exempt.

Ms Phuong Thao (VietlawOnline.com)
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