NEWSLETTER NEWSLETTER

RUSSELL BEDFORD KTC
Member of Russell Bedford International with affiliated offices worldwide
NEWSLETTER
Issue 4, May 2014
IN THIS ISSUE
Page
New regulations on invoice
The Ministry of Finance provides guidance, supplementary regulations on invoice which
is effective from 1 June 2014
© 2013 KTC Assurance and Business Advisors. All rights reserved.
1
TAX
New regulations on invoice
Supplementary companies having to buy
invoice from Tax authority
On 31 March 2014, the Ministry of Finance (MOF)
issued Circular No. 39/2014/TT-BTC guiding the
implementation of Decree No. 51/2010/ND-CP and
replacing Circular No. 64/2013/TT-BTC.
This is an important document with a number of
new regulations on invoice. Notable changes of the
Circular are as below:
From 1 June 2014, value added tax (VAT) invoice
(for companies applying VAT deduction method)
and sales invoice (for companies applying VAT direct
method) will be used instead of export invoice,
which is no longer accepted by the tax authority.
Unused export invoices should be registered with the
direct tax authority no later than 31 July 2014 if
companies still want to use them.
From 1 August 2014, only registered export invoices
are permitted. Unregistered ones should be cleared.
Supplementary companies available for selfprinting invoice
Enterprises having capital contribution of
VND 15 billion dong or more at the time of
notice of invoice issuance;
Newly
established
production,
service
enterprises from 1 June 2014 having charter
capital of under VND 15 billion, having invoice
of purchasing fixed assets, machinery and
equipment of at least VND 1 billion at the time
of notice of invoice issuance, and meet the
conditions prescribed in the Circular.
regulation
Enterprises using self-printed invoice, preprinted invoice are listed high risk on tax;
Enterprises using self-printed invoice and
pre-printed invoice are under penalty on
tax violation.
Invoice printed
register
Use of invoice on exporting
Supplementary
invoice
Enterprises applying direct VAT method;
on
printing
Before having invoice printed at the first time,
enterprises should submit the request on using
invoice to the direct tax authority. In no more than 5
days from their receipt of the request, tax authority
must issue notice on using invoice.
© 2014 Russell Bedford KTC Audit Company Limited. All rights reserved.
from
electronic
cash
Invoices printed from cash register should
contain following information:
Seller’s name, address, tax code;
Store’s name when more than one store are
available;
Name of goods/service, price, quantity,
amount. For VAT deduction method
sellers, it is compulsory to show amount
before VAT, VAT rate, VAT amount, total
payment including VAT;
Cashier’s name, voucher number (in
consecutive order), date, time of printing
invoice.
Data from cash register must be transferred
completely, accurately to the accounting book to
record revenue and declare VAT.
Enterprises using cash register must submit
notice of invoice issuance together with invoice
template to the tax authority. It is no need to
register in advance the number of invoice issued.
Invoice issuance
It is no need to cross out the blank area on selfprinted/pre-printed
invoice
generated
by
computer (currently required).
In case the buyer’s name, address are too long, it
is acceptable to write common nouns in
abbreviation but it must ensure that the address
number, street name, ward, district, city, buyer’s
name are available and in conformity with the
business registration and tax code of the buyer.
1
It is no need to have the buyer’s signature on invoice
when selling overseas.
Procedures in transition period
Enterprises using self-printed invoice, pre-printed
invoice before 1 June 2014 and not having to
purchase invoices from tax authority under the new
Circular are still entitled to have invoice printed,
self-printed.
Regarding self-printed and pre-printed invoice,
enterprises issuing the notice on invoice issuance as
guidance in Circular No. 153/2010/TT-BTC dated 28
September 2010, Circular No. 64/2013/TT-BTC
dated 15 May 2013 of Ministry can continue to use.
The Circular is effective from 1 June 2014 and
replaces Circular No. 64/2013/TT-BTC date 15 May
2013 of the MOF.
© 2014 Russell Bedford KTC Audit Company Limited. All rights reserved.
2
Disclaimer
This Newsletter contains information in summary form and is therefore intended for general
guidance only. It is not intended to be a substitute for detailed research or the exercise of
professional judgment. Reference should be made to the appropriate advisors and Russell
Bedford KTC will not accept any responsibility for loss occasioned to any person acting or
refraining in this publication.
Russell Bedford KTC is a member of Russell Bedford International (www.russellbedford.com),
represented by some 460 partners, 5,000 staff and 200 offices in more than 90 countries in
Europe, the Americas, Middle East, Africa, Indian Sub-Continent and Asia Pacific.
Russell Bedford KTC is a professional services firm committed to providing high quality service to
our clients. At Russell Bedford KTC, we are focusing on providing high value added services,
which bring to our client practical and cost-effective solutions to their business issues. Quality
control is the most important process in our business, which makes us difference.
Russell Bedford KTC is staffed by a team of qualified professionals including Certified Public
Accountants (local and international), Ph.D., Masters in Accounting and Finance and Masters in
Business Administration who have extensive experience in working in various industries. Our
people are our assets and critical factor to our success.
Contact us
Hanoi Office
Ho Chi Minh City Office
Pham Duy Hung
[email protected]
Thai Van Anh
[email protected]
Do Thuy Linh
[email protected]
Le Quang Hai
[email protected]
Nguyen Khanh Ly
[email protected]
Level 2-6, 140 Lang Street,
Dong Da District, Hanoi, Vietnam
Tel: +84-4-3562 5633
Fax: +84-4-3562 5634
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Tel: +84-8-6290 9980
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ited. All rights reserved.