VietnameseOfficial Dispatch No. 7602/BTC-TCT dated May 28, 2009 of the Ministry of Finance on conditions for value-added tax (VAT) credit
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Official Dispatch No. 7602/BTC-TCT dated May 28, 2009 of the Ministry of Finance on conditions for value-added tax (VAT) credit
| Issuing body: | Ministry of Finance | Effective date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Official number: | 7602/BTC-TCT | Signer: | Dang Hanh Thu |
| Type: | Official Dispatch | Expiry date: | Updating |
| Issuing date: | 28/05/2009 | 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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THE MINISTRY OF FINANCE ------- | SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom – Happiness --------- |
No. 7602/BTC-TCT Re: Conditions for value-added tax (VAT) credit | Hanoi, May 28, 2009 |
To: Provincial-level Tax Departments
The Ministry of Finance has received some official letters of Tax Departments and taxpayers, inquiring about whether or not the case in which the purchaser advanced cash amounts to the seller before January 1, 2009, is eligible for input VAT credit and refund, for purchased goods or services valued at VND 20 million or more. Regarding this matter, the Ministry of Finance guides the uniform implementation, as follows:
Point 2, Article 12 of Value-Added Tax Law No. 13/2008/QH12, providing for conditions on input value-added tax credit, stipulates: “....
b/ Having a via-bank payment document of purchased goods or services, except those valued at under VND 20 million upon each time of purchase.”
Point 1, Article 15 of Value-Added Tax Law No. 13/2008/QH12, stipulates: “This Law takes effect on January 1, 2009.”
Under the above provisions, goods or service purchase or sale contracts signed before January 1, 2009, in which the purchaser advanced cash amounts before January 1, 2009, in accordance with provisions of these contracts or their annexes are still entitled to VAT credit for purchased goods or services upon each time of purchase under invoices valued at VND 20 million or more in proportion to the advanced amounts. After clearing the advanced amounts before January 1, 2009, any remaining payable amount valued at VND 20 million or more will be eligible for tax credit if having of via-bank payment documents. The purchaser and seller shall take responsibility before law for the accuracy of declared documents and figures.
The Ministry of Finance notifies such to provincial-level Tax Departments for information and provision of implementation guidance to their units.-
FOR THE MINISTER OF FINANCE DIRECTOR GENERAL OF TAXATION Dang Hanh Thu |
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