VAT declaration and New guidelines
On March 16, 2016, General Department of Taxation promulgated New guidelines of VAT declaration in Dispatch No. 1047/TCT-CS on introduction to Circular
No. 21/2016/TT-BTC.
According
to the Dispatch, manufacturers of supporting industry products on the List of
supporting industry products given priority in Vietnam (hereinafter referred to
as the List) shall declare VAT as follows:
- - For taxpayers being organizations:
- + An organization that earns revenue from supporting industry products on the List shall declare tax quarterly whether or not such revenue exceeds VND 50 billion per year.
- + An organization that earns revenue from both supporting industry products on the List and other business operation shall declare tax quarterly. Otherwise, the organization may declare tax monthly and notify it to the tax authority.
- - For taxpayers being individuals:
- + An individual who earns revenue from supporting industry products on the List shall declare tax annually and pay tax quarterly.
- + If a taxpayer opts to pay tax whenever it is incurred and earns revenue from supporting industry products
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