On September 19, 2017, the Ministry of Finance of Vietnam issued Circular No. 93/2017/TT-BTC on amendments to the tax calculation method specified in Circular No. 219/2013/TT-BTC (amended by Circular No. 119/2014/TT-BTC) and amendments to Circular No. 156/2013/TT-BTC.
Some notable amendments to the tax calculation method are as follows:
- Abrogating the guidance on submission of Form No. 06/GTGT when changing the VAT tax calculation method;
- Abrogating the guidance on submission of Form No. 06/GTGT to register for applying VAT deduction method for newly established businesses and operating businesses with VAT taxable revenue below VND 01 billion;
- Supplementing the guidance on the tax calculation method of a business establishment according to the VAT declaration documents and instructions in Article 11 of Circular No. 156/2013/TT-BTC of the Ministry of Finance of Vietnam;
- Abrogating the case where the company or cooperative fails to earn a revenue of VND 01 billion but still adheres to regulations on bookkeeping and accounting may request permission to apply credit-invoice method.
Circular No. 93/2017/TT-BTC of the Ministry of Finance of Vietnam takes effect from November 05, 2017.
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