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How to determine đá bóng trực tiếp value-added tax on crafting of goldin Vietnam?

Pursuant to Clause 1, Article 12 of đá bóng trực tiếpLaw on Value-Added Tax 2024(effective from July 1, 2025), đá bóng trực tiếp provisions are as follows:

Direct Calculation Method

1. đá bóng trực tiếp value-added tax payable according to đá bóng trực tiếp direct calculation method on value-added is equal to đá bóng trực tiếp value-added multiplied by đá bóng trực tiếp value-added tax rate applicable to đá bóng trực tiếp activities of purchasing, selling, and crafting gold, silver, and precious stones.

đá bóng trực tiếp value-added of purchasing, selling, and crafting activities of gold, silver, and precious stones is determined by đá bóng trực tiếp payment price of gold, silver, and precious stones sold minus đá bóng trực tiếp payment price of gold, silver, and precious stones purchased accordingly.

In cases where business establishments are involved in purchasing, selling, and crafting gold, silver, and precious stones, đá bóng trực tiếp business must account separately for this activity to pay tax according to đá bóng trực tiếp direct calculation method on value-added.

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Thus,according to đá bóng trực tiếp above regulations, đá bóng trực tiếp value-added tax on crafting of gold is determined by đá bóng trực tiếp payment price of gold, silver, and precious stones sold minus đá bóng trực tiếp payment price of gold, silver, and precious stones purchased accordingly.

How is đá bóng trực tiếp VAT on crafting of gold determined in Vietnam? (Image from đá bóng trực tiếp Internet)

Is enterprises engaging in gold crafting prohibited from creatingsales and purchase of goods that are not real to deduct VATin Vietnam?

Pursuant to Clause 2, Article 13 of đá bóng trực tiếpLaw on Value-Added Tax 2024(effective from July 1, 2025), đá bóng trực tiếp provisions are as follows:

Prohibited Acts in VAT Deduction and Refund

1. Buying, selling, organizing advertisements, brokering đá bóng trực tiếp purchase, and sale of invoices.

2. Creating non-existent transactions of purchasing, selling goods, or providing services or transactions that are not conformable with đá bóng trực tiếp law.

3. Issuing invoices for đá bóng trực tiếp sale of goods and services during a temporary business suspension, except for issuing invoices to customers to execute contracts signed before đá bóng trực tiếp announcement of đá bóng trực tiếp business suspension.

4. Utilizing illegal invoices and documents, or illegally using invoices and documents as per đá bóng trực tiếp regulations of đá bóng trực tiếp Government of Vietnam.

5. Failure to transmit electronic invoice data to đá bóng trực tiếp tax authority as required.

6. Falsifying, misusing, unauthorized access, or damaging information systems regarding invoices and documents.

7. Bribery, brokerage of bribery, or other related acts concerning invoices and documents to gain tax deductions, tax refunds, tax evasion, or misappropriating tax funds.

8. Collusion, concealment, or connivance between tax management officials, tax management agencies, business establishments, importers, or between business establishments and importers in using illegal invoices and documents to gain tax deductions, tax refunds, or to evade value-added taxes.

Thus,according to đá bóng trực tiếp above regulations, creation of sales and purchase of goods that are not real to deduct VAT is among đá bóng trực tiếp acts prohibited by tax law.

What are regulations on deduction of input VATforbusiness establishments that apply đá bóng trực tiếp credit-invoice method in Vietnamfrom July 1, 2025?

Pursuant to Clause 1, Article 14 of đá bóng trực tiếpLaw on Value-Added Tax 2024(effective from July 1, 2025), business establishments that apply đá bóng trực tiếp credit-invoice method can deduct input VAT as follows:

- Input VAT on goods and services used for đá bóng trực tiếp production, trading of taxable goods and services is fully deductible, including non-recoverable input VAT of taxable goods and services damaged or naturally lost due to physical and chemical properties during transportation;

- Input VAT on goods and services simultaneously used for đá bóng trực tiếp production, trading of both taxable and non-taxable goods and services is only deductible for input VAT on goods and services used for đá bóng trực tiếp production, trading of taxable goods and services.

business establishments must separately account for deductible and non-deductible input VAT;

If separate accounting is not possible, đá bóng trực tiếp deductible input VAT shall be calculated based on đá bóng trực tiếp percentage ratio of đá bóng trực tiếp turnover from taxable goods and services compared to đá bóng trực tiếp total turnover of goods and services sold;

- Input VAT on goods and services sold to organizations or individuals using humanitarian aid or non-refundable aid funds is fully deductible;

- Input VAT on goods and services used for exploration, development of oil and gas fields is fully deductible;

- Input VAT arising in any month or quarter shall be declared and deducted when determining payable tax in that same month or quarter.

Undeducted input VAT in a month or quarter may be carried forward for deduction in đá bóng trực tiếp subsequent month or quarter.

If business establishments find errors in input VAT reporting or deduction, they may adjust their tax filings prior to đá bóng trực tiếp tax authority or competent authorities issuing decisions for tax inspection or audits as follows:

Taxpayers shall declare additional filings in đá bóng trực tiếp month or quarter đá bóng trực tiếp errors occurred if đá bóng trực tiếp erroneous input VAT reporting or deduction results in increased payable tax or decreased refundable tax; đá bóng trực tiếp taxpayer must pay đá bóng trực tiếp additional payable tax or repay đá bóng trực tiếp corresponding refunded tax amount and any late payment to đá bóng trực tiếp state budget (if applicable).

Taxpayers shall declare in đá bóng trực tiếp month or quarter đá bóng trực tiếp error is detected if đá bóng trực tiếp erroneous input VAT reporting or deduction results in decreased payable tax, or only affects đá bóng trực tiếp carried forward input VAT for đá bóng trực tiếp subsequent month or quarter;

- For non-deductible input VAT, đá bóng trực tiếp business can account as expenses for calculating corporate income tax or add to đá bóng trực tiếp cost of fixed assets as per corporate income tax law, except for input VAT on purchased goods and services lacking non-cash payment documentation as prescribed by đá bóng trực tiếp Government of Vietnam;

- đá bóng trực tiếp Government of Vietnam details input VAT deductions for fixed assets serving employees; capital contributions by assets; purchased goods and services authorized to other organizations or individuals where invoices are issued in đá bóng trực tiếp name of đá bóng trực tiếp authorized organization or individual; passenger cars with up to 9 seats; business establishments that vertically integrate production and have centralized accounting.

*Note:Law on Value-Added Tax 2024will be effective from July 1, 2025.