VietlawOnline

blue-check How to issue invoice when VAT is reduced from November 1st, 2021

Dispatch No. 4153/TCT-CS dated October 29th, 2021 of the General Department of Taxation regarding implementation of Resolution No. 406/NQ-UBTVQH15
Posted: 29/10/2021 2:16:59 PM | Latest updated: 4/11/2021 8:43:58 AM (GMT+7) | LuatVietnam: 5323 | Vietlaw: 534
VietlawOnline

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.

Admin_05

Related documents

Penalty document

Unknown

Information

Effective Date Unknown
ExpiredDate Unknown
Published Vietlaw's Newsletter No. 534

Files attachment

enflag pdficon CV4153-29102021TCT[E].pdf

Flow

No data

Timeline

No data

Accounting

blue-check From June 20th, 2022: It is not required to issue separate invoice for goods entitled to 2% VAT reduction
blue-check How to distribute value of imported software used for various machines, equipment
blue-check Regarding invoice upon withdrawal of capital by assets
blue-check All legal representatives of an accounting service provider must be accounting practitioners
blue-check Guidelines for regulations on financial management of Vietnam Development Bank
blue-check How to issue invoice when VAT is reduced from November 1st, 2021
blue-check 5 Vietnam public sector accounting standards on financial statements, cash, inventories, real estate and intangible assets
blue-check Assessment statement for ASEAN chartered professional accountant
blue-check From July 11th, 2021: The regulations on allowing the recording of the exchange differences shall be abrogated
blue-check It is still required to issue invoice in case items are constructed before stopping construction works
blue-check Guidelines for management of tax procedure services
blue-check Regulations on periodic inspection of accounting service providers
blue-check Guidelines relating to deductible loan interest cost according to new limitation level
blue-check Regarding tax incentives with regard to interests on bank deposits
blue-check It is not allowable to make provisions for losses of goods in the course of transport
blue-check Accounting guidelines for transport and hydraulic infrastructure
red-check New regulations on making provisions
blue-check Guidelines for financial regime with regard to non-governmental organizations
blue-check Regarding translation of accounting records in foreign languages into the Vietnamese language
blue-check Regarding carryforward of losses with regard to enterprises that make cost accounting in a foreign currency