Win a bid to facilitate businesses to print, issue and use invoices, the Ministry of Finance of Vietnam issued Circular 153/2010/TT-BTC to instruct enterprises to self-print and buy invoices without having to purchase invoices from taxation agencies, applicable to companies with a registered capital of VND1 billion (US$50,000) onwards (counted on paid up capital) from January 1, 2011.
However, after three years of deployment, crimes related to tax evasion and fraudulence tend to increase. To address this reality, the Ministry of Finance proposes to the Government of Vietnam modify some contents to tighten management and avoid fraudulence in tax declaration or refund.
Accordingly, the Prime Minister issued the Decree 04/2014/ND-CP dated January 17, 2014 amending and supplementing a number of articles of the Decree 51/2010/ND-CP on sales and services provision invoices. The Ministry of Finance issued the Circular 39/2014/TT-BTC on instructions for sales and services provision invoices. One of the contents amended and supplemented to invoice self-printing is the scope of entities allowed to self-print invoices tightened. Specifically as follows:
To self-print invoices, enterprises (including banks) must have the registered capital of VND15 billion (nearly US$750,000), based on paid up capital, instead of VND1 billion as earlier.
For enterprises established from May 1, 2014 (the effective date of this Circular), to have self-printed invoices, if they have the registered capital of less than VND15 billion, they must purchase fixed assets, machines and equipment worth from VND1 billion upwards. In addition, they must satisfy all conditions stipulated in this new ruling: Approved to be granted the tax code; have revenues from goods and services sold; have equipment systems for printing and formulating goods sales and service provisions invoices; have invoice self-printing software; not commit violations on tax or be fined for tax-related issues, otherwise the fine is less than VND50 million (US$2,400).
From June 1, 2014, tax authorities shall not receive notifications of export invoice issuance. The Circular 39/2014/TT-BTC does not specify export invoices. Hence, where goods are sold or services are supplied abroad, companies shall use VAT invoices (applicable to withholding method) and invoices of sale (applicable to direct tax payment method).
Where they do not use up export invoices, they shall notify and send unused invoices to taxation agencies prior to July 32, 2024 as stipulated in the Circular No. 153/2010/TT-BTC dated September 28, 2010, Circular No. 64/2013/TT-BTC dated May 15, 2013 of the Ministry of Finance.
From August 1, 2014, unused invoices prior to July 31, 2014 shall be used in case they have been registered for re-use, otherwise, they shall not be used. Enterprises annul export invoices as guided in Article 29 of the Circular and use VAT invoices and sale invoices for export of goods and provision of services to foreign countries.
To support local taxation agencies and taxpayers grasp new contents in 39/2014/TT-Ministry of Finance dated May 20, 2014, the General Department of Taxation issued the Document 1839/TCT-CS on instructions to the implementation of some new contents of this Circular.
Le Hien
Vietnamese
