Guidance on registration for VAT calculation methods
Recently, the Ministry of Finance has Official Dispatch 17557/BTC-TCT guiding implementation of provisions in the amended VAT Law, which take effect from January 01, 2014.
Accordingly, in 2014, enterprises shall calculate VAT under the tax credit method if they fall in one of two following cases:
+ Revenue in 2013 is more than 1 billion VND;
+ Revenue in 2013 is less than 1 billion VND but they have observed all regulations on accounting, books, invoices, and documents, and sent a notification to tax agency involving registration for application of the tax credit method to calculate VAT in 2014.
The notification is made according to the form No. 06/GTGT enclosed the Circular 156/2013/TT-BTC and must be sent to tax agency before 31/12/2013.
If the revenue in 2013 is less than 1 billion VND, and these enterprises or cooperatives fail to register voluntarily for application of the tax credit method, they shall change for application of the direct tax calculation method and use of sale invoices upon selling goods or providing services from 01/01/2014.
+ Revenue in 2013 is more than 1 billion VND;
+ Revenue in 2013 is less than 1 billion VND but they have observed all regulations on accounting, books, invoices, and documents, and sent a notification to tax agency involving registration for application of the tax credit method to calculate VAT in 2014.
The notification is made according to the form No. 06/GTGT enclosed the Circular 156/2013/TT-BTC and must be sent to tax agency before 31/12/2013.
If the revenue in 2013 is less than 1 billion VND, and these enterprises or cooperatives fail to register voluntarily for application of the tax credit method, they shall change for application of the direct tax calculation method and use of sale invoices upon selling goods or providing services from 01/01/2014.
Source: http://thuvienphapluat.vn/news/headlines/5976/guidance-on-registration-for-vat-calculation-methods
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