Cases of tax declaration and tax payment in freely convertible foreign currencies in Vietnam

Bao Ngoc

13:46, 09/10/2021

The Ministry of Finance of Vietnam has promulgated Circular 80/2021/TT-BTC dated September 29, 2021 direction implementing some articles of the Law on Tax Management and Decree 126/2020/ND-CP.

According to this Circular, cases of tax declaration and payment in freely convertible foreign currencies include:

- Oil and gas prospection, exploration and extraction (except for crude oil, condensate, natural gas sold in the Vietnamese market or otherwise prescribed by the Government) include: natural resources tax, corporate income tax, the surcharge for the profit divided when the crude oil price fluctuates; the host country's oil and gas profits are divided; signature commissions; oil and gas commercial discovery commissions; production commissions; compensation for not fulfilling the minimum commitment;...

- Fees, charges and other revenues collected by overseas representative missions of the Socialist Republic of Vietnam:

- Fees and charges by agencies and organizations in Vietnam that are allowed to collect fees and charges in foreign currencies:

- E-commerce business, digital-based business and other services of overseas suppliers without a permanent establishment in Vietnam.

Circular 80/2021/TT-BTC of Vietnam takes effect from January 1, 2022.

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