Taxation is a complex area that requires keeping up to date with the latest legislation. Hong Bang Law has many employees who are experts with long experience in the tax field, providing customers with quality and reliable services. Therefore, we would like to send you some necessary information about the VAT declaration procedure.
Value-added tax is a tax charged on the added value of goods and services arising in the process of production, circulation, and consumption. All enterprises of all economic sectors, except for small and medium-sized business households that pay tax according to the revenue assessment), must make and send the annual VAT finalization to the tax office.
Objects subject to value-added tax
According to the provisions of Article 3 of the Law on Value-Added Tax 2008 (amended and supplemented in 2013), the objects subject to value-added tax are goods and services used for production, business and consumption in Vietnam, except for subjects in 25 cases where goods and services are not subject to VAT.
Value-added tax does not care about the behavior affecting the taxable object, but only cares about the added value of the taxable object, so whenever, anywhere in the territory of Vietnam, goods If the service has added value due to the actions of the taxpayer, such goods or services are subject to value-added tax.
Objects not subject to value-added tax
| 1. | Products of cultivation, animal husbandry, aquaculture and unprocessed fishing into other products or only through the usual processing of organizations and individuals produced, caught for sale and at the import stage. |
| 2. | Products are pet breeds, plant varieties, including hatches, seedlings, seeds, semen, embryos, genetic materials. |
| 3. | Irrigation and watering; ploughing, indiscriminate land; dredging of canals and internal ditches for agricultural production; agricultural product harvesting services;
Fertilizer; specialized machinery and equipment for agricultural production; offshore fishing vessels; fodder, poultry and other pet food; |
| 4. | Salt products are produced from seawater, natural beak salt, refined salt, iodized salt whose main ingredient is Na-tri-chlor-rua (NaCl) |
| 5. | State-owned housing sold by the State to tenants |
| 6. | Transfer of land use rights |
| 7. | Life insurance, health insurance, learner insurance, other insurance services related to people; livestock insurance, crop insurance, other agricultural insurance services; insurance of ships, boats, equipment and other necessary equipment for direct fishing; reinsurance. |
| 8. | The following financial, banking and securities trading services:
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| 9. | Medical services, veterinary services, including medical examination and treatment services, prevention of diseases for people and pets. |
| 10. | Postal services, public-utility telecommunications and internet are universal under the Government’s program. |
| 11. | Services for maintaining zoos, flower gardens, parks, street trees, public lighting; funeral services |
| 12. | Maintain, repair and build with the people’s contribution, humanitarian aid for cultural, artistic, public service works, infrastructure and housing for social policy subjects. |
| 13. | Teaching and vocational training in accordance with the law. |
| 14. | Broadcasting radio and television with state budget capital. |
| 15. | Publishing, importing, publishing newspapers, magazines, specialized newsletters, political books, textbooks, textbooks, legal text books, science and technology books, books printed in ethnic minority letters and paintings, photographs, propaganda posters, including in the form of tapes or recorded discs, video recording and electronic data; money, money printing |
| 16. | Transport public passengers by bus, tram. |
| 17. | Machinery, equipment, spare parts and supplies of unproductable domestic types need to be imported for direct use for scientific research and technological development; machinery, equipment, spare parts, specialized means of transport and supplies of unproductive domestic types need to be imported to conduct the search, exploration and development of oil and gas fields; aircraft, drilling rigs, ships of unproductive domestic type need to be imported to create fixed assets of enterprises or leased by foreign countries for use in production, business, leasing, sub-lease |
| 18. | Weapons and special-use weapons for defense and security |
| 19. | Goods imported in case of humanitarian aid or non-refundable aid; gifts to state agencies, political organizations, socio-political organizations, socio-political-professional organizations, social organizations, socio-professional organizations, people’s armed units; gifts and gifts for individuals in Vietnam as prescribed by the Government; utensils of foreign organizations and individuals in accordance with diplomatic exemption standards; carry-on goods in duty-free baggage standards
Goods and services sold to foreign organizations, individuals and international organizations for humanitarian aid, non-refundable aid to Vietnam |
| 20. | Goods transferred and transited through the territory of Vietnam; temporary imports and re-exports; temporary exports and re-imports; imported raw materials for production and processing of exported goods under production contracts; export processing signed with foreign parties; goods and services are traded between foreign countries and non-tariff zones and between non-tariff zones. |
| 21. | Technology transfer in accordance with the Law on Technology Transfer; transfer of intellectual property rights in accordance with the Law on Intellectual Property; computer software |
| 22. | Gold imported in the form of ingots, pieces not yet made into fine art, jewelry or other products |
| 23. | Exported products are unprocessed resources and minerals into other products. |
| 24. | Artificial products used to replace the body parts of the patient; crutches, wheelchairs and other specialized tools for the disabled |
| 25. | Goods and services of households and business individuals have an annual turnover of VND 100 million or less. |
Tax declaration and payment deadlines
- In case the enterprise declares monthly, the deadline for submission is 20 days from the end of that month.
- In case the enterprise declares quarterly, the deadline for submission is 30 days from the end of that quarter.
- VAT payment deadline: Same with VAT declaration deadline
Value-added tax finalization dossiers
- According to the tax deduction method: Value added tax declaration according to form No. 01/GTGT issued with Circular 119/2014/TT-BTC.
- According to the method of direct calculation on revenue: Value added tax declaration form No. 04/GTGT issued with Circular 156/2013/ND-CP.
- According to the method of calculating directly on added value (Applicable to enterprises trading in gold, silver, and precious stones): Value-added tax declaration according to form No. 03/GTGT issued with Circular 119/ 2014/TT-BTC.
- Declaration according to each time of arising: Value added tax declaration form No. 05/GTGT issued together with Circular 156/2013/ND-CP.
Tax declaration service Value-added tax of Hong Bang Law
- Advising customers on tax laws in general and value-added tax laws in particular;
- Advising customers on regulations and order, procedures, declaration documents for value-added rental;
- Prepare reports, declarations, complete and submit declarations to competent state agencies;
- On behalf of clients to amend and supplement dossiers, directly work with competent authorities upon request;
- Perform other tax declaration-related services when required by customers.
In addition to the above services, Hong Bang Law also provides the following services:
- Consulting services and initial tax declaration;
- Monthly tax declaration service;
- Quarterly tax declaration service;
- Tax declaration service according to the time of arising;
- Services of making and declaring year-end financial statements;
- Contractor tax declaration service;
- Year-by-year tax declaration services: Reasonable cost and integrated package of all tax declaration activities of enterprises, completing books and documents, closing and storing business books;
- Tax declaration services at the request of businesses.
If you need more detailed advice and answers as well as how to access this service, please contact directly our Lawyer Nhat Nam via hotline: 0912.35.65.75, 0912.35.53.53 or call the toll free legal consultation hotline 1900.6575 or send a service request via email: lienheluathongbang@gmail.com
Wishing you and your family good health, peace and success!
Best regards!
