From March 1, businesses engaged in gold and jewelry manufacturing will be subject to VAT.

According to information from the General Department of Taxation (Ministry of Finance), from March 1, businesses and establishments that buy and sell gold, silver, and precious stones, and have activities of manufacturing gold, silver, and precious stone products, will have to apply the direct VAT calculation method.

Specifically, the amount of VAT that enterprises and establishments must pay according to the direct calculation method on VAT is equal to the VAT of taxable goods and services sold multiplied by the tax rate applicable to those goods and services.

In which, VAT of goods and services is determined by the payment price of goods and services sold minus the payment price of corresponding purchased goods and services.

The payment price of goods and services sold is the actual selling price recorded on the invoice for the sale of goods and services, including VAT and additional surcharges and fees that the seller is entitled to, regardless of whether the money has been collected or not.

The payment price of purchased goods and services is determined by the value of purchased or imported goods and services, including VAT, used for production and trading of corresponding VAT-taxable goods and services sold./.

(According to VOV) - QN