Businesses Unnecessarily Submit Buy-Sale Lists for VAT Declaration Forms
On November 26, 2014, the 13th National Assembly passed Law 71/2014/QH13 on amendments and supplements to a number of articles of tax laws, effective from January 1, 2015.
According to the new law, the list of sale and purchase invoices will not be added to VAT declaration forms.
Under the current ruling (effective through December 31, 2014), VAT declaration forms shall be inserted the list of buy and sale invoices. This is a reason for many papers needed in tax declaration. The Circular 119/2014/TT-BTC dated August 25, 2014 of the Ministry of Finance reduced some indicators like invoice code, invoice sign, item name and tax rate on the list to reduce the time for taxpayers.
In other countries with similar development level with Vietnam like Thailand, the Philippines, Laos and Cambodia, such list is not added to VAT declaration forms.
Therefore, to further simplify administrative procedures, facilitate taxpayers and follow international practice, Law 71/2014/QH13 removed such requirement in VAT declaration forms.
Accordingly, from January 1, 2015, taxpayers shall only submit tax declaration forms to tax authorities. They must fully and timely account for buy/sale invoices to determine the tax amount and submit to tax authorities when necessary.
Le Hien
Vietnamese
