Latest form: How to reduce Value Added Tax in Vietnam for businesses according to Resolution 43/2022/QH1?
Who needs to make a VAT reduction form?
According to Article 1 of Decree 15/2022/ND-CP stipulating:
"Article 1. Value-added tax reduction
1. Reduced value-added tax for groups of goods and services currently applying the tax rate of 10%, except for the following groups of goods and services:
a) Telecommunications, financial activities, banking, securities, insurance, real estate trading, metals and prefabricated metal products, mining products (excluding coal mining), coke , refined petroleum, chemical products. Details are in Appendix I issued together with this Decree.
b) Products, goods and services subject to excise tax. Details are in Appendix II issued together with this Decree.
c) Information technology according to the law on information technology. Details are in Appendix III issued with this Decree.
d) The value-added tax reduction for each type of goods and services specified in Clause 1 of this Article shall be applied uniformly at the stages of import, production, processing, business and trade. For the sold coal mined (including the case of coal mined and then screened, classified according to a closed process to be sold) which is subject to Value Added Tax in Vietnam reduction. Coal products listed in Appendix I to this Decree are not eligible for value-added tax reduction at other stages other than the mining stage.
In case the goods and services mentioned in Appendices I, II and III issued together with this Decree are not subject to value-added tax or subject to 5% value-added tax under the provisions of this Law. Value-added tax shall comply with the provisions of the Law on Value-Added Tax and may not reduce value-added tax."
Thus, for businesses that trade in goods and services and are entitled to value-added tax reduction according to the above provisions, the form of value-added tax reduction for enterprises will be made.
Latest form: How to reduce Value Added Tax in Vietnam for businesses according to Resolution 43/2022/QH1?
What is the value-added tax reduction form according to Resolution 43/2022/QH15?
According to Form No. 01, Appendix IV issued with Decree 15/2022/ND-CP stipulates:
Download the template:HERE.
Procedure to reduce Value Added Tax in Vietnam for businesses?
According to Clause 3, Article 1 of Decree 15/2022/ND-CP (amended and supplemented by Decree 41/2022/ND-CP) stipulating the order and procedures to reduce Value Added Tax in Vietnam for businesses are as follows:
"3. Order and procedures for implementation
a) For business establishments specified at Point a, Clause 2 of this Article, when making value-added invoices providing goods and services subject to value-added tax reduction, at the value-added tax rate line: increase write “8%”; Value Added Tax in Vietnam; total amount to be paid by the buyer. Based on value-added invoices, business establishments selling goods and services shall declare output value-added tax, and business establishments purchasing goods and services shall declare and deduct input value-added tax. according to the reduced tax amount written on the value-added invoice.
b) For business establishments specified at Point b, Clause 2 of this Article, when making sales invoices for the provision of goods and services subject to value-added tax reduction, in the column “Income money” write fully Before the reduction in goods and service money, in the line "Addition of goods and services" write the number that has decreased by 20% in the percentage of revenue, and at the same time note: "reduced... (amount of money) ) corresponding to 20% of the percentage rate for calculating value-added tax according to Resolution No. 43/2022/QH15".
4. In case a business establishment specified at Point a, Clause 2 of this Article, when selling goods or providing services, applies different tax rates, the value-added invoice must clearly state the tax rate of each goods and services as prescribed in Clause 3 of this Article.
In case the business establishment specified at Point b, Clause 2 of this Article, when selling goods or providing services, the sale invoice must clearly state the amount of the reduction as prescribed in Clause 3 of this Article.
5. In case the business establishment has issued an invoice and declared at the tax rate or percentage for calculating value-added tax that has not been reduced as prescribed in this Decree, the seller and the buyer must make minutes or there is a written agreement clearly stating the error, at the same time the seller makes an invoice to correct the error and delivers the adjusted invoice to the buyer. Based on the adjusted invoice, the seller declares the adjustment of output tax, and the buyer declares the adjustment of input tax (if any).
6. In case the goods and service business establishments eligible for value-added tax reduction have issued ordered invoices printed in the form of tickets with pre-printed face value, which have not yet been used up (if any) and have a need to: If the business needs to continue using it, the business establishment shall stamp it according to the price that has been reduced by 2% of the value-added tax rate or the price that has been reduced by 20% at the percentage rate next to the pre-printed price criterion for continued use.
7. Business establishments specified in this Article shall declare value-added tax-reduced goods and services according to Form No. 01 in Appendix IV issued with this Decree together with the value-added tax declaration. increase."
Above is the latest form related to the payment of Value Added Tax in Vietnam that taxpayers need to know!
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