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The National Assembly has passed a legally-binding amendment to the Law on Value Added Tax, the Law on Special Consumption Tax, and the Law on Tax Administration. The amendment, referred to in this article as the new Law, will take effect from 1 July 2016. While the new Law provides a welcome change by reducing the interest rate for late tax payment from 0.05 to 0.03 per cent per day, businesses may still face certain operational issues.

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