What are cases of using the form 01/TK-VSP - Initial tax declaration in Vietnam? Where to download Form 01/TK-VSP?
What are cases of using the form 01/TK-VSP - Initial tax declaration in Vietnam?
According to Item 14 in Appendix I issued together with Decree 126/2020/ND-CP, the cases for using the form 01/TK-VSP - Initial tax declaration are:
- Case 1: Declaring corporate income tax on a monthly basis for the activities of mining and selling natural gas by the Vietnam – Russia Joint Venture “Vietsovpetro” at Block 09.1 under the Agreement between the Government of the Socialist Republic of Vietnam and the Government of the Russian Federation signed on December 27, 2010, regarding continuing cooperation in the field of geological exploration and oil exploitation on the continental shelf of the Socialist Republic of Vietnam within the framework of the Vietnam - Russia Joint Venture "Vietsovpetro" (hereinafter referred to as Vietsovpetro Joint Venture at Block 09.1).
- Case 2: Declaring corporate income tax and surcharges (when crude oil prices fluctuate upward) per each sale for the activity of extracting and selling crude oil by the Vietsovpetro Joint Venture at Block 09.1.
What are cases of using the form 01/TK-VSP - Initial tax declaration in Vietnam? Where to download Form 01/TK-VSP? (Image from Internet)
Where to download the form 01/TK-VSP - Initial tax declaration in Vietnam?
The initial tax declaration form is used according to Form 01/TK-VSP as stipulated in Appendix II issued together with Circular 80/2021/TT-BTC.
DOWNLOAD >>> Form 01/TK-VSP Temporary Tax Declaration (Vietnam - Russia Vietsovpetro Joint Venture)
How to fill out the form 01/TK-VSP - Initial tax declaration in Vietnam?
[1] Mark X in the box if extracting crude oil.
[2] Mark X in the box if extracting condensate.
[3] Mark X in the box if extracting natural gas.
Note: If the Vietnam - Russia Joint Venture simultaneously extracts crude oil, condensate, and natural gas, separate declarations must be made.
[4] Enter the date for case of taxation based on each occurrence or enter the month and year for monthly declarations.
[5] Mark X in the blank box if it is the first time declaring temporary tax within the tax period.
[6] Mark X in the blank box if the extracted oil and gas are exported.
[7] Mark X in the blank box if the extracted oil and gas are sold in Vietnam.
Note: If oil, condensate, or natural gas is sold on the Vietnamese market or the Government of Vietnam has other regulations, the currency for tax payment is Vietnamese Dong.
[8] Enter the full name of the taxpayer as the Vietnam – Russia Vietsovpetro Joint Venture (hereinafter referred to as the Joint Venture).
[9] Enter the full tax code of the taxpayer.
[10] If the Joint Venture authorizes, according to legal regulations, a Vietnamese organization to declare and pay tax on its behalf, complete the information of the authorized organization from items [21] to [29]. The authorized organization is called the substitute taxpayer as per Clause 2, Article 3 of Circular 176/2014/TT-BTC.
Taxpayer
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- If VIETSOVPETRO authorizes, under legal provisions, a Vietnamese organization to declare and pay taxes on its behalf, that authorized organization is the substitute taxpayer.
[11] If the Joint Venture has signed a tax agency contract to declare and pay taxes on its behalf, fill out the authorized organization’s information from items [21] to [29].
[12] Enter the full number and date of the authorization contract or agency contract (if any).
[13] USD: United States Dollar; VND: Vietnamese Dong.
[14] According to Article 5 of Circular 176/2014/TT-BTC, the taxable price for crude oil, condensate is the selling price of crude oil, condensate determined according to fair transaction contracts.
“A fair transaction contract” is a contract between the buyer and the seller in market relations, not including inter-company trade agreements, transactions between affiliated companies, between governments, between government organizations, or any transaction influenced by abnormal commercial relations.
+ If it cannot be determined based on a fair transaction contract, the taxable price is determined in accordance with international norms regarding crude oil export sales.
When necessary, state management agencies may refer to sales prices on the U.S. market (WTI), UK market (Brent), or Singapore market (Platt’s), or consult competent state authorities regarding determining the extraction price of crude oil. The taxpayer is responsible for providing the tax authority with information on the composition and quality of the extracted crude oil.
+ The taxable price for natural gas is the selling price determined under the Gas Sale Contract of Block 09-1 approved by the partners of the Joint Venture.
[15] According to Article 16 of Circular 176/2014/TT-BTC, the base crude oil price is 75 USD/barrel.
[16] See the details of the temporary surcharge payable under Article 16 of Circular 176/2014/TT-BTC.
[17] According to Clause 1, Article 21 of Circular 176/2014/TT-BTC, the provisional corporate income tax is determined as follows:
Provisional Corporate Income Tax = Provisional Taxable Income x Corporate Income Tax Rate
[18] The exchange rate is applied according to accounting laws if crude oil, condensate, or natural gas is sold on the Vietnamese market.
