Regulation on value added tax
On 9 April 2007, Ministry of Finance issued Circular No 32/2007/TT-BTC guides in implementation a number of Decrees in the field of value added tax.Subject to value added tax are goods, services for manufacturing, under business and consumption in Vietnam (includes goods, service provided by foreign organizations and individuals), except subjects are not have to pay for value added tax named on item II, part A of this Circular. Tax payers includes: business organizations established and registered under Law of Enterprises, Law on Cooperative; business organization of political organizations, business of social-political organizations, social organizations, social-professional organizations, people armed forces, non-product organizations and other organizations; foreign capital investment enterprises and foreign part in collaboration to do business by Law on Investment; foreign organizations and individuals doing business in Vietnam but not establish legal entity; individuals, households, group of people doing business independently and other subjects has activity of manufacture, import and export.
The Circular give guidance on calculating for value added tax, measure to calculate, tax rate (with level of 0%, 5% and 10% as well as application tax rate for number specific cases); invoice, receipt on selling and buying goods and services; apply, enumerate to pay for value added tax, pay VAT, finalize value added tax, refund of value added tax; task, power and responsibility of taxation agency; providing number of forms such as Declaration for VAT, Inform on paying VAT and enterprise income tax, etc.
The Circular is published on Official Gazette on 20 May 2007 (from No 312 to No 315) and comes into effect 15 days afterward. Replaced Circular No 120/2003/TT-BTC dated on 12 December 2003, Circular No 84/2004/TT-BTC dated on 18 August 2004, Circular No 127/2004/TT-BTD dated on 27 December 2004 and Circular No 115/2005/TT-BTC dated on 16 December 2005 of Ministry of Finance. All guidance on value added tax provided by Ministry of Finance before the day this Circular come into effect not match with guidance of this Circular is abrogated.
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