Personal income tax Q&A, December 4
(Baonghean) - Question: The Law amending and supplementing the Laws on Tax No. 71/2014/QH13, effective from January 1, 2015, includes many amendments and supplements to tax policies and tax administration. Could the Tax Department please inform us about the amendments and supplements to Tax Administration?
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Reply:Law amending and supplementing a number of articles of the Tax Laws No. 71/2014/QH13, passed by the 13th National Assembly on November 26, 2014. The Law takes effect from January 1, 2015. Some amended contents on Tax Administration are stipulated as follows:
1/ In order to simplify tax declaration documents and reduce the number of hours for tax payment, the Law stipulates: From January 1, 2015, the List of invoices and documents for sold goods and services (form No. 01-1/GTGT) and the List of invoices and documents for purchased goods and services (form No. 01-2/GTGT) in monthly and quarterly tax declaration documents will be abolished.
2/ On the currency used to determine revenue, expenses, taxable prices and taxes paid to the state budget.
In case the taxpayer generates revenue, expenses, and taxable prices in foreign currency or the taxpayer is obliged to pay in foreign currency but is permitted by a competent state agency to pay tax in Vietnamese Dong, the foreign currency must be converted into Vietnamese Dong at the actual transaction exchange rate at the time of occurrence. (Currently: must be converted at the average interbank exchange rate announced by the State Bank at the time of occurrence).
3/ Reduce late payment fee:
In the context of bank interest rates remaining stable at low levels, businesses' awareness of tax compliance has increased, to remove difficulties for businesses, the Law stipulates the application of a late payment fee of 0.05%/day during the period of late tax payment.
4/ Do not apply coercive measures and do not charge late payment fees in cases where taxpayers provide goods and services paid for by state budget funds but have not been paid, so they do not pay taxes on time, leading to tax debt, in order to ensure fairness in the rights and obligations of the State towards enterprises./.
NGHE AN TAX DEPARTMENT
