Guidance on declaration, deduction, and payment of VAT and CIT by Vietnam Television

Guidance on declaration, deduction, and payment of VAT and CIT by Vietnam Television​ (Illustration Image)​

Article 2 Circular 55/2010/TT-BTC stipulates the declaration, deduction, and payment of VAT and CIT by Vietnam Television​ as follows:

1. Declaration, deduction, payment, and refund of VAT:

- Vietnam Television and its dependent accounting units in Hanoi shall declare, pay, and carry out the procedures for refund of VAT in Hanoi.

Dependent accounting units of Vietnam Television in other provinces and municipalities shall declare, pay, and carry out the procedures for refund of VAT in the localities where their headquarters are located.

- Deduction and Refund of VAT:

Vietnam Television and its dependent accounting units shall deduct VAT and carry out the procedures for refund of VAT according to the regulations in the Law on VAT, the Law on Tax Administration, and the guiding documents. To be specific:

+ Deduct all input VAT on goods and services used for production and business of VAT-liable goods and services (including input VAT on goods and services used for production, transmission, broadcasting of television programs, and other service activities not using state budget funds).

+ Deduct all VAT on fixed assets used for the production and business of VAT-liable goods and services, production, transmission, broadcasting of television programs, and other service activities.

- Vietnam Television and its dependent accounting units must not declare, or deduct VAT on goods and services purchased for activities with funding covered by the state budget according to the allocated estimates, including expenditures for:

+ Investment in fundamental construction (Group A projects);

+ National target programs;

+ Scientific research on themes under state-level scientific research programs;

+ Training according to state programs and plans.

2. Declaration and payment of CIT:

- Vietnam Television registers to declare and pay CIT at the place where its headquarters is located in Hanoi.

- Vietnam Television's dependent accounting units are not required to submit CIT declarations. Vietnam Television is responsible for centralized declaration and payment of CIT at its headquarters, including the tax amount arising from its dependent accounting units in both Hanoi and other provinces and municipalities.

- Vietnam Television shall declare quarterly provisional CIT and finalize CIT according to regulations

.- Taxable revenue includes all revenue from professional operations, advertising, and other services of Vietnam Television and its dependent accounting units (excluding VAT) as stipulated in point 1 section B part II of Circular No. 09/2009/TT-BTC dated January 21, 2009, of the Ministry of Finance.

- Deductible expenses when determining taxable income include expenses specified in points 2.1, 2.2, 2.3, 2.4, 2.5, 2.6 of section B part II of Circular No. 09/2009/TT-BTC of the Ministry of Finance and in accordance with Circular No. 130/2008/TT-BTC dated December 26, 2008, of the Ministry of Finance.

.- Vietnam Television and its dependent accounting units must not include the expenses specified in point 2.7 of section B part II of Circular No. 09/2009/TT-BTC of the Ministry of Finance in expenditures when determining taxable income for CIT.

More details can be found in Circular 55/2010/TT-BTC effective from May 31, 2010.

Nguyen Phu

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