What is đá bóng trực tiếp tax credit method in Vietnam according to đá bóng trực tiếp Law on Value-Added Tax 2024?

What is đá bóng trực tiếp tax credit method in Vietnam according to đá bóng trực tiếp Law on Value-Added Tax 2024?

Based on Clauses 1 and 2, Article 11 of đá bóng trực tiếpLaw on Value-Added Tax 2024, specific provisions regarding đá bóng trực tiếp tax credit method are as follows:

- đá bóng trực tiếp VAT payable according to đá bóng trực tiếp tax credit method is calculated as đá bóng trực tiếp output VAT minus đá bóng trực tiếp deductible input VAT;

- đá bóng trực tiếp output VAT is đá bóng trực tiếp total VAT of goods and services sold as recorded on đá bóng trực tiếp VAT invoice.

+ đá bóng trực tiếp VAT of goods and services sold, recorded on đá bóng trực tiếp VAT invoice, is calculated by multiplying đá bóng trực tiếp taxable price of goods and services sold by đá bóng trực tiếp VAT rate applicable to those goods and services.

+ If đá bóng trực tiếp invoice records đá bóng trực tiếp payment price inclusive of VAT, đá bóng trực tiếp output VAT is determined by subtracting đá bóng trực tiếp taxable price, as specified in point k, clause 1, Article 7 of đá bóng trực tiếpLaw on Value-Added Tax 2024, from đá bóng trực tiếp payment price;

- đá bóng trực tiếp deductible input VAT is đá bóng trực tiếp total VAT recorded on đá bóng trực tiếp VAT invoice for purchasing goods and services, đá bóng trực tiếp tax payment document for imported goods, or đá bóng trực tiếp tax payment document for đá bóng trực tiếp purchase of services as outlined in Clauses 3 and 4, Article 4 of this Law and meeting conditions specified in Article 14 of đá bóng trực tiếpLaw on Value-Added Tax 2024.

- đá bóng trực tiếp tax credit method applies to business establishments fulfilling all accounting policies, invoices, and documentary requirements as prescribed by accounting laws, invoices, and documents, including:

+ Business establishments with an annual revenue from đá bóng trực tiếp sale of goods and services from 1 billion VND or more, excluding households and individuals in production and business;

+ Business establishments voluntarily applying đá bóng trực tiếp tax credit method, excluding households and individuals in production and business;

+ Foreign organizations or individuals providing goods and services for oil and gas exploration, development, and exploitation activities must pay taxes according to đá bóng trực tiếp tax credit method, declared, deducted, and paid by đá bóng trực tiếp Vietnamese side.

What is đá bóng trực tiếp tax credit method in Vietnam according to đá bóng trực tiếp Law on Value-Added Tax 2024?(Image from đá bóng trực tiếp Internet)

What are regulations onthe method of calculation of tax based directly on added value in Vietnam?

According to Article 12 of đá bóng trực tiếpLaw on Value-Added Tax 2024, specific provisions on đá bóng trực tiếp method of calculation of tax based directly on added value are as follows:

- đá bóng trực tiếp VAT payable by directly calculating on đá bóng trực tiếp value-added is đá bóng trực tiếp value-added multiplied by đá bóng trực tiếp VAT rate applicable to đá bóng trực tiếp buying, selling, crafting of gold, silver, and precious stones activities.

+ đá bóng trực tiếp value-added of buying, selling, crafting of gold, silver, and precious stones is determined by subtracting đá bóng trực tiếp payment price of purchased gold, silver, and precious stones from đá bóng trực tiếp payment price of sold gold, silver, and precious stones.

+ If a business establishment engages in buying, selling, crafting of gold, silver, and precious stones, it must separately account for these activities to pay taxes according to đá bóng trực tiếp direct calculation method on đá bóng trực tiếp value-added.

- VAT payable via direct calculation on revenue is a percentage rate multiplied by revenue applicable as follows:

+ Applicable entities include:

++ Enterprises, cooperatives, federations of cooperatives with annual revenue below đá bóng trực tiếp 1 billion VND threshold, except in cases of voluntarily applying đá bóng trực tiếp tax credit method specified in Clause 2, Article 11 of đá bóng trực tiếp [Law on Value-Added Tax 2024](/vb/Luat-Thue-gia-tri-gia-tang-2024-so-48-2024-QH15-87D66.html#dieu_11);
++ Households and individuals in production, business, except as specified in Clause 3, Article 12 of đá bóng trực tiếp [Law on Value-Added Tax 2024](/vb/Luat-Thue-gia-tri-gia-tang-2024-so-48-2024-QH15-87D66.html#dieu_12);
++ Foreign organizations without a permanent establishment in Vietnam, non-resident foreign individuals with revenue generated in Vietnam not fully implementing accounting policies, invoices, and documentary requirements, excluding foreign suppliers as specified in Clause 4, Article 4 of đá bóng trực tiếp [Law on Value-Added Tax 2024](/vb/Luat-Thue-gia-tri-gia-tang-2024-so-48-2024-QH15-87D66.html#dieu_4);
++ Other organizations, except in cases of paying taxes according to đá bóng trực tiếp tax credit method specified in Clause 2, Article 11 of đá bóng trực tiếp [Law on Value-Added Tax 2024](/vb/Luat-Thue-gia-tri-gia-tang-2024-so-48-2024-QH15-87D66.html#dieu_11);

+ đá bóng trực tiếp percentage rate for calculating VAT is stipulated as follows:

++ Distribution, supply of goods: 1%;
++ Services, construction without packaging materials: 5%;
++ Production, transportation, services associated with goods, construction with packaging materials: 3%;
++ Other business activities: 2%;

+ Revenue for VAT calculation is đá bóng trực tiếp total monetary amount for selling goods, services recorded on sales invoices, including surcharges and additional fees that đá bóng trực tiếp business establishment earns.

- Households and individuals in production or business not fully implementing or implementing inadequately accounting policies, invoices, and documents as prescribed by law must pay VAT according to đá bóng trực tiếp fixed tax method specified in đá bóng trực tiếpLuật Quản trực tiếp bóng.

When does đá bóng trực tiếp Law on Value-Added Tax 2024 come into force?

According to Article 18 of đá bóng trực tiếpLaw on Value-Added Tax 2024, đá bóng trực tiếp specific provisions on effective date are as follows:

Effective Date

1. This Law takes effect from July 1, 2025, except as specified in Clause 2 of this Article.

2. Provisions on revenue levels of households, individuals in production, business subject to non-taxation in Clause 25, Article 5 of this Law and Article 17 of this Law come into force from January 1, 2026.

3. đá bóng trực tiếp Law on Value-Added Tax No. 13/2008/QH12, amended and supplemented by Laws No. 31/2013/QH13, No. 71/2014/QH13, and No. 106/2016/QH13, ceases to be effective from đá bóng trực tiếp date this Law takes effect.

Thus, as per đá bóng trực tiếp above provisions, đá bóng trực tiếpLuật Thuế giá trị trực tiếptakes effect from July 1, 2025.