Vietnam: Remunerations by government bodies for their provision of authorized collection or payment services shall not be subject to VAT declaration and assessment

15:45, 06/02/2016

This is a content newly specified in Circular No. 193/2015/TT-BTC of the Ministry of Finance of Vietnam, which provides guidance on amendment and supplementation of several contents of Circular No. 219/2013/TT-BTC and Decree No. 209/2013/ND-CP regarding on value-added tax (VAT).

According to Vietnam’s new regulations, organizations or enterprises paid the following remunerations by government bodies for their provision of authorized collection or payment services shall not be not subject to VAT declaration and assessment:

- Collection of voluntary social insurance, voluntary health insurance premiums authorized by social insurance authorities;

- Payment of benefits provided as an advantage for persons honored for their meritorious service, other benefits authorized by the Ministry of Labor, War Invalids and Social Affairs;

- Collection of taxes paid by sole proprietors authorized by tax authorities and other collection and payment activities authorized by government bodies.

More details can be found in Circular No. 193/2015/TT-BTC of the Ministry of Finance of Vietnam, which takes effect from January 10, 2016 and provides amendments and supplements to Circular No. 219/2013/TT-BTC and Decree No. 209/2013/ND-CP.

- Ngoc Duyen -

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