When is the invoicing time for organizations trading real estate in Vietnam?

When is the invoicing time for organizations trading real estate in Vietnam?

According to point d, clause 4, Article 9 of Decree 123/2020/ND-CP, regulations on the time of invoice issuance are as follows:

Time of Invoice Issuance

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4. The time of invoice issuance for specific cases is as follows:

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c) For construction and installation activities, the invoice is issued at the time of acceptance and handover of the work, work item, or completed construction/installation volume, regardless of whether the payment has been received.

d) For organizations trading real estate, infrastructure construction, housing construction for sale or transfer:

d.1) In cases where ownership or usage rights have not been transferred: If payments are collected according to the project implementation schedule or the payment schedule stated in the contract, the invoice is issued on the date of payment or according to the payment agreement in the contract.

d.2) In cases where ownership or usage rights have been transferred: The time of invoice issuance is as stipulated in clause 1 of this Article.

đ) For businesses that purchase air transportation services exported through websites and e-commerce systems, the invoice must be issued following international practices, no later than 5 days following the issuance of air transport service documents via the website and e-commerce system.

e) For activities of oil exploration, extraction, and crude oil processing: The invoice issuance time for selling crude oil, condensate, and products processed from crude oil (including product customization activities as per commitments with the Government of Vietnam) is when the buyer and seller determine the official selling price, regardless of payment status.

For the sale of natural gas, associated gas, or coal gas delivered by pipeline to the buyer, the invoice is issued when the buyer and seller determine the monthly gas delivery volume but no later than 7 days after the seller sends the monthly gas delivery notice.

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Thus, the invoice issuance time for organizations trading real estate is as follows:

- In cases where ownership or usage rights have not been transferred: If payments are collected according to the project implementation schedule or the payment schedule stated in the contract, the invoice is issued on the date of payment or according to the payment agreement in the contract.

- In cases where ownership or usage rights have been transferred: The invoice is issued at the time of transfer of ownership or usage rights to the buyer, regardless of payment status.

When is the invoicing time for organizations trading real estate in Vietnam? (Image from Internet)

What are regulations on storage and retention of invoices in Vietnam?

According to Article 6 of Decree 123/2020/ND-CP, the regulations on the storage and retention of invoices are as follows:

- Invoices are stored and retained ensuring:

+ Safety, security, integrity, completeness, and that they are not altered or incorrect during the entire retention period;

+ retention for the correct and full duration as prescribed by accounting law.

- Electronic invoices are stored and retained by electronic means. Organizations, agencies, and individuals have the right to select and apply a method of preserving and storing electronic invoices suitable to their activities and technological capabilities. Electronic invoices and documents must be readily printable or retrievable upon request.

- Invoices printed or self-printed by tax authorities must be stored and retained according to the following requirements:

+ Unissued invoices must be retained and stored in a warehouse in accordance with document storage policies.

+ Issued invoices in accounting units are retained according to the regulations for preserving accounting documents.

+ Issued invoices in organizations, households, or individuals not operating as accounting units are retained and stored as their own assets.

What are prohibited acts related to invoices in Vietnam?

According to Article 5 of Decree 123/2020/ND-CP regarding prohibited acts related to invoices:

- For tax officials:

+ Causing inconvenience or difficulty for organizations and individuals purchasing invoices and documents;

+ Engaging in cover-up or collusion with organizations or individuals to use unlawful invoices and documents;

+ Accepting bribes during invoice inspection or examination.

- For organizations or individuals selling, supplying goods, services, and those with related rights and obligations:

+ Engaging in fraudulent acts such as using unlawful invoices or unlawfully using invoices;

+ Obstructing tax officials in their official duties, specifically acts that harm the health or dignity of tax officials during invoice inspection or examination;

+ Unauthorized access, alteration, or destruction of information systems related to invoices and documents;

+ Offering bribes or engaging in other acts related to invoices and documents for unlawful gain.