According to the Tax Department representative, household businesses need documents to prove the origin of goods, including purchase contracts, commercial invoices, waybills, and import tax payment receipts.
In cases where it is unable or not permitted to import goods as regulated, households or companies can enter into an import agency contract with a logistics unit. They will handle the import procedures and issue the initial invoice on behalf of the authorizing entity.
How to declare taxes for hand-carried goods?
The tax authority recommends that households and individual businesses archive invoices and documents of goods and services purchased for provision to management agencies upon request. This aims to prove and ensure the origin and quality of the goods.
Similarly, many households do not have invoices when purchasing agricultural products directly from farmers. In this case, the Tax Department states that household businesses can keep purchase and payment vouchers to ensure proof of goods’ origin. Specifically, they need to use a purchase ledger with vouchers such as payment slips, warehouse receipts, or handover minutes.
The purchase ledger with vouchers only applies to cases where the seller is an individual business that is not required to have an invoice, such as a farmer. If the selling unit is a company, an individual, or a registered household business, they must issue a sales invoice as regulated.
“Unleashing the Potential: Minister Nguyễn Văn Thắng Proposes Tax Reform to Empower Millions of Vietnamese Businesses”
“On the morning of June 19, Finance Minister Nguyen Van Thang took to the podium to address questions in a session of the National Assembly. The minister confidently fielded a range of queries related to the finance sector, providing insightful responses that demonstrated his expertise and deep understanding of the field.”
Proposed Fine of VND 100 Million for Failure to Issue Invoices or Issuing Invoices Late
to be:
Proposed Penalty of VND 100 Million for Invoicing Irregularities: Late or Missing Invoices
The Ministry of Finance has proposed amendments to Decree 125, suggesting increased penalties for failing to issue invoices or issuing them with incorrect timing. The maximum fine has been proposed to be up to VND 100 million. The draft also includes an expansion of tax officials’ authority to impose penalties and introduces a provision that waives penalties if taxpayers voluntarily rectify their mistakes before detection.
“Hòa Thọ Textile: Unraveling the Threads of Tax Evasion and Penalties”
In 2023, Dệt may Hòa Thọ was penalized for misdeclaration, resulting in an underpayment of corporate income tax. The company faced financial repercussions, with a fine and additional tax liability totaling almost 825 million VND.
No Back Taxes for Small Businesses
“Business households can proactively request an adjustment to their tax bracket if their actual revenue fluctuates by over 50% within a year. This adjustment is applicable only from the point of fluctuation onwards. Rest assured, the tax authority confirms that there will be no retroactive collection of the differential amount.”
The Capital’s Commerce Conundrum: Unraveling the Truth Behind the Shuttering of Thousands of Businesses
Amid reports of numerous business closures in recent times, particularly in Ho Chi Minh City, the tax department has refuted claims that the mandatory implementation of e-invoices from cash registers is the sole reason for this development.
