Additional Guidance on VAT Declaration in Vietnam

12:51, 11/07/2024

On March 16, 2016, the General Department of Taxation of Vietnam issued Official Dispatch 1047/TCT-CS introducing the content of Circular 21/2016/TT-BTC.

This Official Letter guides the value-added tax (VAT) declaration for individuals and organizations producing industrial support products (ISP) listed in the priority ISP development list in Vietnam. To be specific:

- For taxpayers who are organizations:

+ Declare VAT quarterly for the revenue of ISP listed in the priority ISP development list (without distinction between revenue above or below 50 billion VND/year).

+ If the taxpayer has revenue from ISP listed in the priority ISP development list as well as revenue from other production and business activities, they should also declare VAT quarterly.

If not declaring quarterly, the taxpayer may choose to declare VAT monthly and inform the tax authorities as per the tax management regulations.

Tax declaration documents for organizations are guided by Circular 156/2013/TT-BTC and 26/2015/TT-BTC.

- For individual taxpayers:

+ In case of revenue from ISP listed in the priority ISP development list, declare annual tax and pay VAT quarterly.

+ In case of tax payment for each occurrence of revenue from ISP listed in the priority ISP development list, declare and pay VAT for each occurrence or choose to declare and pay VAT monthly.

Tax declaration documents for individuals are guided by Circular 92/2015/TT-BTC.

See more in Official Letter 1047/TCT-CS dated March 16, 2016.

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