What is the currency for payment of taxes on exports or imports in Vietnam? Can the taxpayers pay taxes in foreign currencies?
- What is the currency for payment of taxes on exports or imports in Vietnam? Can the taxpayers pay taxes in foreign currencies?
- When paying taxes on exports or imports in Vietnam in foreign currency, how to determine exchange rates for tax calculation?
- Vietnam: Can taxpayers pay taxes on exports or imports online?
What is the currency for payment of taxes on exports or imports in Vietnam? Can the taxpayers pay taxes in foreign currencies?
Pursuant to Article 41 of Circular 38/2015/TT-BTC stipulates as follows:
Tax payment currencies
1. Taxes on exports or imports shall be paid in VND. If taxes are paid in foreign currencies, only convertible foreign currencies are permitted. Exchange rates between foreign currencies and VND shall comply with Clause 2 Article 35 of this Circular.
2. If taxes have to be paid in foreign currencies but official prices are not available when the declaration is registered:
a) The taxpayer may pay a provisional amount of tax in a foreign currency before customs clearance or release of goods. After official prices are available and the taxpayer is paid in foreign currency by the foreign client, the difference (if any) shall be paid in foreign currency; or
b) The taxpayer may pay a provisional amount of tax in VND before customs clearance or release of goods. After official prices are available and the taxpayer is paid in foreign currency by the foreign client, the difference (if any) shall be paid in foreign currency; or Exchange rates between foreign currencies and VND shall comply with Clause 2 Article 35 of this Circular.
Thus, taxes on exports or imports shall be paid in VND.
If taxes are paid in foreign currencies, only convertible foreign currencies are permitted.
If taxes have to be paid in foreign currencies but official prices are not available when the declaration is registered:
- The taxpayer may pay a provisional amount of tax in a foreign currency before customs clearance or release of goods. After official prices are available and the taxpayer is paid in foreign currency by the foreign client, the difference (if any) shall be paid in foreign currency; or
- The taxpayer may pay a provisional amount of tax in VND before customs clearance or release of goods. After official prices are available and the taxpayer is paid in foreign currency by the foreign client, the difference (if any) shall be paid in foreign currency; or Exchange rates between foreign currencies and VND shall comply with Clause 2 Article 35 of this Circular.
What is the currency for payment of taxes on exports or imports in Vietnam? Can the taxpayers pay taxes in foreign currencies? (Image from the Internet)
When paying taxes on exports or imports in Vietnam in foreign currency, how to determine exchange rates for tax calculation?
Pursuant to Clause 2, Article 35 of Circular 38/2015/TT-BTC stipulates as follows:
Time, exchange rate for calculating taxes on exports or imports
1. The time for calculating export duty, import duty, safeguard duty, anti-dumping duty, and countervailing duty (within the effective period of the Decision of the Minister of Industry and Trade) is the registration date of the customs declaration. Export duty, import duty shall be calculated according to the tax rates, dutiable values, and exchange rates at that time.
If the taxpayer declares, calculates tax on the paper customs declaration before the registration date with different exchange rate from the exchange rate applicable on the registration date, the customs authority shall recalculate the tax payable according to the exchange rate applicable on the registration date.
2. Exchange rates for tax calculation shall comply with Decree No. 08/2015/ND-CP.
a) The General Department of Customs shall cooperate with Vietcombank to update buying rates in the form of wire transfer announced by the headquarter at the end of Thursdays (or the day before if Thursday is a public holiday), announce the rate on the website of the General Department of Customs, and update it on the e-customs system in order to apply to customs declarations registered in the succeeding weeks;
b) With regard to the foreign currencies that are not announced by the headquarter of Vietcombank, the General Department of Customs shall update the exchange rates announced by the State bank of Vietnam posted on its website, announce it on the website of the General Department of Customs, and update it on the e-customs system in order to determine exchange rates for calculating taxes on exports or imports.
Accordingly, when paying export and import taxes in foreign currency, the exchange rate for converting foreign currency to Vietnam Dong shall comply with the provisions of Circular 38/2015/TT-BTC.
- The General Department of Customs shall cooperate with Vietcombank to update buying rates in the form of wire transfer announced by the headquarter at the end of Thursdays (or the day before if Thursday is a public holiday);
And announce the rate on the website of the General Department of Customs, and update it on the e-customs system in order to apply to customs declarations registered in the succeeding weeks;
- With regard to the foreign currencies that are not announced by the headquarter of Vietcombank, the General Department of Customs shall update the exchange rates announced by the State bank of Vietnam posted on its website, announce it on the website of the General Department of Customs, and update it on the e-customs system in order to determine exchange rates for calculating taxes on exports or imports.
Vietnam: Can taxpayers pay taxes on exports or imports online?
Pursuant to Article 44 of Circular 38/2015/TT-BTC (amended and supplemented by Clause 25, Article 1 of Circular 39/2018/TT-BTC), it is stipulated as follows:
Locations and methods of tax payment
Locations and methods of tax payment shall comply with provisions of Circular No. 184/2015/TT-BTC
Accordingly, Article 16 of Circular 184/2015/TT-BTC stipulates:
Location, methods, options for methods of tax/fee payment; e-customs guarantees
1. Location:
a) The taxpayers shall pay taxes/fees to State Treasury agencies or banks.
a1) Procedures for tax payment at banks shall be prescribed in Articles 17, 18, and 19 of this Circular;
a2) Procedures for tax payment at State Treasury agencies shall be prescribed in Article 20 of this Circular;
a3) Procedures for fee payment to managing authorities shall be prescribed in Article 23 of this Circular;
b) In case the taxpayers pay taxes in cash but taxes are not collected by the Vietnam State Treasury or the bank where customs procedures are carried out, the customs authority where customs declaration sheet is registered shall collect taxes and transfer such total collected tax into a state revenues’ account of the Vietnam State Treasury which is opened at a bank as prescribed.
At the time the customs declaration sheet is registered, if the taxpayer owe taxes, late payment interests, fines, and other amounts payable to another customs authority and it wishes to settle such amounts at the customs authority where customs procedures are carried out, the taxpayer shall makes the declaration itself and make payment at the State Treasury, bank or customs authority where customs procedures are carried out.
Procedures for tax payment at the customs authorities shall be carried out as prescribed in Article 21 of this Circular;
c) The e-customs guarantee shall be conducted at the coordinating bank.
2. Methods:
Taxpayers, customs declarants are entitled to pay taxes, fees, and other amounts receivable either in cash or non-cash payment method (hereinafter referred to as wire transfer).
3. Options for methods:
a) Taxpayers may make payments by wire transfer or in cash at the counter;
b) Taxpayers may make payments by wire transfer via electronic transactions.
Accordingly, tax payments can be made by wire transfer.
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