This Dispatch is to provide guidelines on how to issue invoice upon selling goods, services on which VAT is reduced by 30% from November 1st, 2021 under Resolution No. 406/NQ-UBTVQH15 and Decree No. 92/2021/ND-CP .
Accordingly, the 30% reduction in VAT shall be directly subtracted on each VAT invoice or sales invoice.
In particular, with regard the VAT invoice, at the column “VAT Rate”, the VAT rate of 5% or 10% (depending on goods items) shall be presented and multiplied by (x) 70%; at the columns “VAT amount payable” and “Total amounts payable”, the VAT and payment amount already reduced by 30% shall be specified
With regard to the sales invoice, at the column “Amounts”, the full amounts of goods or services before VAT reduction shall be presented; at the line "Total amounts of goods or services”, the total amounts payable after VAT reduction (by 30% of revenue) shall be specified with the note that VAT has been reduced by 30%
The Dispatch also provides examples for each case of issuing the VAT invoice and the sales invoice
The General Department of Taxation recommends that the VAT reduction policy under Resolution No. 406/NQ-UBTVQH15 is aimed at consumers so as to ensure that they may benefit from reduction of prices of goods, services. Enterprises are not allowed to take advantage of the tax reduction policy to increase the prices of goods/services.
|Published||Vietlaw's Newsletter No. 534|