Business household in Ho Chi Minh City. Photo: Tấn Thạnh
Mr. Lê Thành Ngân, owner of a business household in Ho Chi Minh City, shares that daily, his household purchases hundreds of kilograms of fruit from various farmers. Without input invoices, he remains uncertain about how to verify the origin of these goods.
Addressing this issue, Ms. Nguyễn Thị Cúc, Chairwoman of the Vietnam Tax Consulting Association, explains that according to regulations, for goods without input invoices, business households can create itemized lists. However, this method is only applicable to specific subjects and goods.
For instance, business households can use itemized lists to prove the origin of agricultural, forestry, and aquatic products purchased directly from producers (without intermediaries). Similarly, goods bought from individuals or small business households with revenue below the value-added tax (VAT) threshold (currently under 100 million VND) can also be documented this way.
Regarding input documents, Mr. Đồng Minh Hồng, Director of DVL Accounting and Tax Services Company, emphasizes that itemized lists and input invoices are crucial for business households to demonstrate to authorities that their goods are not counterfeit or fake.
Additionally, these documents ensure the consistency between inventory and revenue. If the quantity or value of inventory significantly exceeds sales revenue, tax authorities may suspect underreporting. In such cases, tax departments can trace back to determine actual revenue, potentially impacting the business household’s reputation.
“Specifically, business households with annual revenue exceeding 3 billion VND are subject to a 17% personal income tax (PIT) rate on their profit, calculated as revenue minus allowable expenses. However, there are currently no regulations allowing business households to deduct itemized lists as expenses, unlike businesses. To ensure tax fairness, the government should soon permit business households with revenue over 3 billion VND annually to deduct itemized lists when calculating PIT,” Mr. Hồng analyzed and recommended.
Petrovietnam and Vietsovpetro Inaugurate the BK-24 Wellhead Platform
On the morning of November 8th, the Vietnam Oil and Gas Group (Petrovietnam) and the Vietnamese-Russian joint venture Vietsovpetro held a ceremony to inaugurate the BK-24 wellhead platform. This significant project serves as a tribute to the 14th National Party Congress.
Small Businesses Avoiding Input Invoices May Face Tax Evasion Suspicion
The Tax Authority emphasizes that businesses failing to obtain input invoices for purchases will face significant legal and financial risks.
Ho Chi Minh City’s Economy Shows Robust Growth
Alongside production, consumption, and exports, Ho Chi Minh City has successfully unlocked the key to public investment disbursement, paving the way to achieve its ambitious 8.5% growth target by 2025.
CMC Group Proposes 200-Hectare Science and Technology Urban Area in Can Gio with $870 Million Investment
During a working session with the Ho Chi Minh City Party Committee delegation, CMC Corporation proposed a groundbreaking investment in a Science and Technology Urban Area and Innovation Project. Spanning 100-200 hectares in Can Gio, this visionary initiative is estimated to require a total capital of VND 10,000-20,000 billion.
Exciting News for Residents Near Bình Quới Ferry in Ho Chi Minh City
The Ho Chi Minh City People’s Committee has officially approved the reopening of the Bình Quới ferry route, connecting Bình Quới Ward and Thủ Đức Ward, after more than a year of suspension.
