On May 29, 2014, the Ministry of Finance issued Official Letter No. 7062/BTC-TCT guiding value added tax (VAT) for unprocessed crop, livestock, aquatic and seafood products. into other products or just preliminarily processed and sold to enterprises and cooperatives at the stage of commercial business.
From January 1, 2014, enterprises and cooperatives that pay tax by the deduction method sell products of cultivation, husbandry, aquatic products, and seafood that have not yet been processed into other products or are only preliminarily processed. Previously applied VAT rate of 5% and fresh food at the stage of commercial business for enterprises, cooperation is not required to declare, calculate and pay VAT.
For example, the following products are not required to declare, calculate and pay VAT at the stage of commercial business:
1. Raw shrimp (not yet processed into other products or only simply processed normally) such as: cleaned, left whole or head removed, peeled (removed back, heart removed...), belly cut, pressed and straightened, blister packing, vacuum sealing, freezing;
2. Fresh squid: cleaning, sorting, cutting, molding, freezing, packing;
3. Fish files; shrimp, fish: frozen;
4. Fresh/dried cashews, sieved, steamed, split, dried, peeled, fumigated, crated;
5. Rice (paddy) milled into rice, rice has been polished;
6. Products of bran, broken, rice husk generated from the process of rice milling are considered as new crop products that have undergone normal preliminary processing or have not yet been processed into other products;
7. Waste products and by-products of products of cultivation, husbandry, aquatic products and seafood such as plates; husk; shrimp head; crust; fish head; fish bone; offal and other post-mortem waste of animals; fresh fat;…
By: Thu Thuy
Source: http://www.customs.gov.vn/
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