VietnameseOfficial Dispatch No. 3547 TCT/PCCS of October 28, 2004, on currencies written on vat invoices
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Official Dispatch No. 3547 TCT/PCCS of October 28, 2004, on currencies written on vat invoices
| Issuing body: | General Department of Taxation | Effective date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Official number: | 3547TCT/PCCS | Signer: | Pham Duy Khuong |
| Type: | Official Dispatch | Expiry date: | Updating |
| Issuing date: | 28/10/2004 | Effect status: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Fields: | Tax - Fee - Charge |
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Effect status: Known
MINISTRY OF FINANCE GENERAL DEPARTMENT OF TAXATION ------- | SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom – Happiness --------- |
No. 3547 TCT/PCCS | Hanoi, October 28, 2004 |
OFFICIAL LETTER
ON CURRENCIES WRITTEN ON VAT INVOICES
To: The Tax Department of Hanoi city
In reply to Official Letter No. 17842/CT-HTr of July 30, 2004, of Tax Department of Hanoi city, on currencies written on VAT invoices, the General Department of Taxation gives the following opinions:
Point 6, Section III, Part C of the Finance Ministry’s Circular No. 120/2003/TT-BTC of December 12, 2003, states that: “in case business establishments have goods and/or service purchase or sale turnover in a foreign currency, such foreign currency amount must be converted into Vietnam dong at the inter-bank average exchange rates publicized by the Vietnam State Bank at the time the goods and/or service purchase or sale is effected and paid in foreign currency(ies) in order to determine the payable VAT amount.”
Under this guidance, if business establishments sell goods and receive payments in foreign currency(ies), the element VAT (if any) on the invoices must be written with the amount paid in a foreign currency and the converted Vietnam dong amount at the inter-bank average exchange rate publicized by the Vietnam State Bank, serving as a basis for VAT calculation.
The General Department of Taxation hereby notifies the Tax Department of Hanoi city thereof for implementation.
FOR THE GENERAL DIRECTOR OF TAXATION DEPUTY GENERAL DIRECTOR Pham Duy Khuong |
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