Vietnam’s Law on the Special Consumption Tax (“LSCT”) has undergone several amendments since it was promulgated in 1998. This law plays a significant role in the development of Vietnam and contributes hugely to the state budget. Nevertheless, with shifts in consumption habits, lifestyles, and innovations in social life, the LSCT has revealed certain shortcomings. Recently, the Ministry of Finance has introduced the draft of new LSCT (the “Draft”) to replace the current LSCT. It was presented to the National Assembly in October 2024 and will be passed in 2025.
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For further information, please contact:
Bui Quang Tuan, Russin & Vecchi
BQTuan@russinvecchi.com.vn
