Phu Yen Tax Department has just sent a document to enterprises, organizations, business households, and individuals operating in production and business in the province regarding the reduction of value added tax (VAT) according to Decree 72/2024/ND-CP of the Government.
Decree 72 takes effect from July 1 to December 31, 2024, stipulating a reduction in VAT for groups of goods and services currently subject to a tax rate of 10%, except for groups of goods and telecommunications services, financial activities, banking, securities, insurance, real estate business, metals and prefabricated metal products, mining products (excluding coal mining), coke, refined petroleum, chemical products; goods and services subject to special consumption tax; information technology according to the law on information technology.
Accordingly, business establishments calculating VAT by the deduction method shall apply the VAT rate of 8% to the goods and services specified above. Business establishments (including households and individuals doing business) calculating VAT by the percentage method on revenue shall have the percentage rate reduced by 20% to calculate VAT when issuing invoices for goods and services eligible for VAT reduction.
For businesses that calculate VAT using the deduction method, when making VAT invoices for providing goods and services subject to VAT reduction, write “8%” in the VAT rate line; VAT amount; total amount the buyer must pay. Based on the VAT invoice, businesses that sell goods and services declare output VAT, businesses that purchase goods and services declare input VAT deduction according to the reduced tax amount stated on the VAT invoice.
For business establishments calculating VAT according to the percentage method on revenue (using sales invoices), when making sales invoices to provide goods and services subject to VAT reduction, in the "Total amount" column, fully record the amount of goods and services before the reduction, in the "Total amount of goods and services" line, record the amount reduced by 20% of the percentage on revenue, and note: "reduced... (amount) corresponding to 20% of the percentage to calculate VAT according to Resolution No. 142/2024/QH15".
In case a business establishment uses VAT invoices when selling goods or providing services that apply different tax rates, the VAT invoice must clearly state the tax rate of each good or service. In case a business establishment uses sales invoices when selling goods or providing services, the sales invoice must clearly state the amount of the discount.
In case the business establishment has issued an invoice and declared according to the tax rate or percentage to calculate VAT that has not been reduced according to the provisions of Decree 72, the seller and the buyer shall handle the issued invoice according to the provisions of law on invoices and documents.
VIET AN
Source: https://baophuyen.vn/82/318242/huong-dan-lap-hoa-don-ban-hang-khi-giam-thue-gia-tri-gia-tang.html
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