What are regulations on cases of tax declaration and tax payment in convertible foreign currencies in Vietnam?

What are regulations on cases of tax declaration and tax payment in convertible foreign currencies in Vietnam?

Pursuant to Article 4 of the Circular 80/2021/TT-BTC stipulating tax declaration currencies, tax payment in convertible foreign currencies and actual exchange rates in Vietnam as follows:

1. Cases of tax declaration and tax payment in convertible foreign currencies:

a) Petroleum exploration and extraction (except crude oil, condensate, natural gas for sale in Vietnam or otherwise prescribed by the Government), including: resource royalty, corporate income tax (CIT); surcharges on distributable surplus of oil in case of increase in crude oil price; profit on oil and gas distributed to the host country; CIT on income from transfer of right to participate in petroleum contracts; special taxes, surcharges and CIT on retained oil surplus of Vietsovpetro JV in block 09.1 that are declared and paid to state budget using convertible foreign currencies.

b) Fees, charges and other amounts collected by diplomatic missions of the Socialist Republic of Vietnam.

Declared and paid to state budget using the foreign currencies prescribed in the documents on fees, charges and other amounts.

c) Fees and charges that may be collected in foreign currencies by agencies and organizations in Vietnam:

Declared and paid to state budget using the foreign currencies prescribed in the documents on fees and charges.

d) E-commerce, digital platform-based business and other services provided by overseas suppliers without permanent establishments in Vietnam:

Declared and paid to state budget using convertible foreign currencies.

2. Actual exchange rates shall comply with accounting laws.

What are responsibility for tax administration of supervisory tax authorities in Vietnam?

Pursuant to Clause 1, Article 5 of the Circular 80/2021/TT-BTC stipulating responsibility for tax administration of supervisory tax authorities in Vietnam as follows:

1. Supervisory tax authorities

Supervisory tax authorities shall fully comply with regulations on tax administration of the Law on Tax Administration and its guiding documents (except the regulations of Clause 3 of this Article. To be specific:

a) Receive tax declaration dossiers, extend deadlines for submission of tax declaration dossiers and impose penalties for violations committed by taxpayers against regulations of law on submission of tax declaration dossiers.

b) Calculate late payment interest, adjust late payment interest payable by taxpayers.

c) Instruct, urge taxpayers to declare and pay tax.

d) Implement measures for collection of tax debts and enforce payment of tax debts.

dd) Receive and process applications for tax deferral, tax payment in instalments, chargeoff, tax debt cancellation, exemption of late payment interest, cancellation of late payment interest.

e) Receive and process written requests for settlement of overpaid amounts of taxpayers in accordance with Article 25 and Article 26 of this Circular.

g) Receive and process applications for tax refund of taxpayers in accordance with Chapter V of this Circular.

h) Receive and process applications for tax exemption and reduction in accordance with Chapter VI of this Circular.

i) Carry out inspection and impose penalties for violations discovered on inspection (if any).

k) In case the taxpayer has to pay tax in multiple administrative divisions, the supervisory tax authority shall also have the following duties:

k.1) Determine whether the taxpayer is subject to tax obligation distribution as prescribed in Article 12, Article 13, Article 14, Article 15, Article 16, Article 17, Article 18, Article 19 of this Circular in order to provide instructions and urge the taxpayer to determine the amount of tax payable in each receiving province, submit the tax distribution sheet together with the tax declaration dossier to the supervisory tax authority; impose penalties for violations committed by the taxpayer against regulations of law on submission of tax declaration dossiers.

k.2) Calculate late payment interest, adjust late payment interest on the total amount of tax payable by the taxpayer (including the tax payable in the receiving province).

k.3) Instruct, urge taxpayers to declare and pay tax in the receiving province.

k.4) Preside over the implementation of measures for collection of tax debts, enforcement of tax debt payment in the receiving province; concurrently inform the tax authority of the receiving province in accordance with Point b Clause 6 Article 3 of this Circular for cooperation.

k.5) Preside over the receipt of applications for tax deferral, tax payment in instalments, chargeoff, tax cancellation in the receiving province; concurrently inform the tax authority of the receiving province in accordance with Point b Clause 6 Article 3 of this Circular for cooperation.

k.6) Preside over the receipt and processing of applications for exemption of late payment interest, cancellation of late payment interest on the tax debt in the receiving province.

k.7) Preside over the receipt of written requests for settlement of overpaid tax in the receiving province and cooperate with the tax authority of the receiving province specified in Point b Clause 6 Article 3 of this Circular in processing in accordance with Article 25 and Article 26 this Circular.

k.8) Preside over the receipt of applications for tax refund of taxpayers and cooperate with the tax authority of the receiving province specified in Point b Clause 6 Article 3 of this Circular in processing in accordance with Section 2 Chapter V of this Circular.

k.9) Preside over the receipt and processing of applications for tax exemption/reduction of the taxpayer in receiving province and cooperate with the tax authority of the receiving province specified in Point b Clause 6 Article 3 of this Circular in processing in accordance with Section 2 Chapter VI of this Circular.

k.10) Take charge and cooperate with the tax authority of the receiving province in carrying out inspection of the taxpayer’s entire business operation and imposing penalties for violations discovered on inspection (if any), including determination of tax payable in the receiving province.

k.11) Consolidate data and submit reports to the People’s Council and the People’s Committee on collection of state budget revenues, including all amounts paid to state budget and refunded to taxpayers in the administrative division, including the amounts payable by the taxpayers that are located within the administrative division but are under management of other supervisory tax authorities.

Best regards!