Newsletter

Value-added Tax (“VAT”)

Declaration of E-invoice of which date of issuance is different from date of digital signing

On 27 September 2022, Hanoi Tax Office issued Official Letter No. 47147/CTHN-TTHT regarding the declaration of VAT e-invoices of which date of issuance is different from date of digital signing. Details are as follows:

In case a company issues VAT e-invoices according to Decree No. 123/2020/ND-CP, the invoice issuance date shall observe Article 9 of Decree No. 123/2020/ND-CP. The e-invoices must include all required contents (including the seller’s digital signature) as prescribed in Article 10 of Decree No. 123/2020/ND-CP. In case an issued e-invoice has its issuance date different from the date of digital signing, VAT declaration for such invoice shall follow its issuance date, observing Clause 9 Article 10 of Decree No. 123/2020/ND-CP dated 19 October 2020 by the Government.

Required proof of payment by debt off-set in case of VAT refund for export activities

On 29 September 2022, the General Department of Customs issued Official Letter No. 4066/TCHQ-TXNK regarding the required payment documents for export activities. Details are as follows:

In case payment between a Vietnamese exporter and a foreign party is carried out by offsetting the value of exported goods/processing fee for exported goods with the value of goods and services purchased from the foreign party, the Vietnamese exporter must observe the following procedures and produce the following documents:

a) Payment method (by debt offset) for goods purchased and sold between the exporter and the foreign party must be clearly defined in the export contract.

b) A written agreement from the foreign party on the amount of debt-offset between exported goods and goods and services purchased from the foreign party.

c) Any remaining amount after debt offsetting must be paid via bank transfer.

Other

Report of foreign loans monthly instead of quarterly

On 30 September 2022, the State Bank of Vietnam issued Circular No. 12/2022/TT-NHNN regarding regulations on enterprises borrowing and paying foreign loans. The Circular has the following noteworthy contents:

On reporting by the borrowing party:

On a monthly basis, no later than the 5th of the month following the reporting period, the borrower must complete the online report on the performance of short, medium and long-term loans through the designated website. In case the Website encounters technical problems and the report cannot be submitted, the borrower shall submit a written report following the forms set forth in Appendix 05 of this Circular.

This Circular takes effect from 15 November 2022.

Regarding “Registration procedures for borrowing foreign loans” and “Cases where changes of foreign loans must be registered”, please contact us for further clarification.