What are amendments trực tiếp bóng đá k+ supplements to provisions on deductions trực tiếp bóng đá k+ refunds for VAT in Vietnam?

What are amendments trực tiếp bóng đá k+ supplements to provisions on deductions trực tiếp bóng đá k+ refunds for VAT in Vietnam?

According to point a, clause 1, Section 3, Article 1 ofDecision 508/QD-TTg 2022, it is stipulated:

III. IMPLEMENTATION SOLUTIONS FOR THE STRATEGY

1. Regarding tax policy reform

a) For VAT: expanding the tax base by reducing the group of goods trực tiếp bóng đá k+ services that are not subject to VAT trực tiếp bóng đá k+ the group of goods trực tiếp bóng đá k+ services subject to a 5% tax rate; moving towards primarily applying a single tax rate; researching to increase the VAT rate according to a roadmap; reviewing trực tiếp bóng đá k+ adjusting the revenue threshold for the application of the deduction method to suit actual conditions; researching to apply a uniform method of tax calculation by percentage of revenue for taxpayers with revenue below the threshold or not eligible to apply the deduction method; completing regulations related to VAT on exported goods trực tiếp bóng đá k+ services, ensuring they properly reflect the nature trực tiếp bóng đá k+ are consistent with international practices. Researching to amend, supplement the provisions on tax deductions, VAT refunds in a simple, transparent manner trực tiếp bóng đá k+ in line with the relevant laws;

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Accordingly, the solution to implement the strategy for VAT policy reform according to the Tax reform strategy until 2030 is as follows:

- Expanding the tax base by reducing the group of goods trực tiếp bóng đá k+ services not subject to VAT trực tiếp bóng đá k+ the group of goods trực tiếp bóng đá k+ services subject to a 5% tax rate;

- Moving towards primarily applying a single tax rate;

- Researching to increase the VAT rate according to a roadmap;

- Reviewing trực tiếp bóng đá k+ adjusting the revenue threshold for the application of the deduction method to suit actual conditions;

- Researching to apply a uniform method of tax calculation by percentage of revenue for taxpayers with revenue below the threshold or not eligible to apply the deduction method;

- Completing regulations related to VAT on exported goods trực tiếp bóng đá k+ services, ensuring they properly reflect the nature trực tiếp bóng đá k+ are consistent with international practices.

- Researching to amend, supplement the provisions on tax deductions, VAT refunds in a simple, transparent manner trực tiếp bóng đá k+ in line with the relevant laws.

Thus, when implementing the strategy for VAT policy reform according to the Tax reform strategy until 2030, research trực tiếp bóng đá k+ amendments, supplements to the provisions on tax deductions, trực tiếp bóng đá k+ VAT refunds will be carried out in a simple, transparent manner trực tiếp bóng đá k+ in line with the relevant laws.

What are amendments trực tiếp bóng đá k+ supplements to provisions on deductions trực tiếp bóng đá k+ refunds for VAT in Vietnam?(Image from the Internet)

What are methods ofthe VATdeduction in Vietnam?

According to clause 1, Article 10 of the2008 Law on VAT, amended by clause 4, Article 1 of the2013 Law on amendments to the Law on VAT, the VAT deduction method is stipulated as follows:

- The VAT payable by the deduction method is the output VAT minus the deductible input VAT;

- The output VAT is the total VAT of goods trực tiếp bóng đá k+ services sold, recorded on the VAT invoice.

The VAT of goods trực tiếp bóng đá k+ services sold recorded on the VAT invoice is the taxable price of the goods trực tiếp bóng đá k+ services sold multiplied by the VAT rate of those goods trực tiếp bóng đá k+ services.

In the case of using payment vouchers listing the payment price as the price including VAT, the output VAT is determined by the payment price minus the taxable price of VAT determined according to the provisions of point k, clause 1, Article 7 of the2008 Law on VAT;

- The deductible input VAT is the total VAT recorded on the VAT invoices for purchased goods trực tiếp bóng đá k+ services, VAT payment vouchers for imported goods, trực tiếp bóng đá k+ meeting the conditions stipulated in Article 12 of the2008 Law on VAT, amended by clause 6, Article 1 of the2013 Law on amendments to the Law on VAT.

Additionally, the deduction method applies to business establishments that fully comply with accounting policies, invoices, trực tiếp bóng đá k+ documents as stipulated by the law on accounting, invoices, trực tiếp bóng đá k+ documents, including:

- Business establishments with annual revenue from the sale of goods trực tiếp bóng đá k+ provision of services of one billion dong or more, excluding business households trực tiếp bóng đá k+ individuals;

- Business establishments voluntarily registering to apply the deduction method, excluding business households trực tiếp bóng đá k+ individuals.

What are tax credit methods applicableto business establishments in Vietnam?

According to clause 2, Article 10 of the2008 Law on VAT, amended by clause 4, Article 1 of the2013 Law on amendments to the Law on VAT, the deduction method applies to business establishments that fully comply with accounting policies, invoices, trực tiếp bóng đá k+ documents as stipulated by the law on accounting, invoices, trực tiếp bóng đá k+ documents, including:

- Business establishments with annual revenue from the sale of goods trực tiếp bóng đá k+ provision of services of one billion dong or more, excluding business households trực tiếp bóng đá k+ individuals;

- Business establishments voluntarily registering to apply the deduction method, excluding business households trực tiếp bóng đá k+ individuals.