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NATIONAL
ASSEMBLY
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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Law No.
31/2013/QH13
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Hanoi, June 19, 2013
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LAW
ON
AMENDMENTS TO THE LAW ON VALUE-ADDED TAX
Pursuant to the Constitution
of Socialist Republic of Vietnam 1992, amended in the Resolution No.
51/2001/QH10;
The National Assembly
promulgates the Law on amendments to the Law on Value-added tax No.
13/2008/QH12.
Article 1. Amendments to the
Law on Value-added tax:
1. Clauses 4, 7, 8, 11, 15, 17,
23 and 25 of Article 5 are amended as follows:
“4. Salt products made of
seawater, natural rock salt, refined salt, iodized salt of which the primary
constituent is sodium chloride (NaCl).”
“7. Life insurance, health
insurance, insurance for students, other insurances related to humans,
insurance for animals, insurance for plants, other agricultural insurances;
insurance for boats, ships, and other equipment necessary for fisheries;
reinsurance.
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a) Credit services include:
loaning, discounting or rediscounting negotiable instruments and other valuable
papers; guarantee; finance lease; domestic factoring; international factoring;
other credit services according to law;
b) Loaning services provided by
taxpayers that are not credit institutions;
c) Securities services include:
securities brokerage; proprietary trading of securities; guaranteeing
securities issuance; securities investment consultancy; securities depository;
management of securities investment fund; management of securities investment
portfolio; market organization services of Stock Exchanges or Securities
trading centers; other securities services according to the laws on securities;
d) Capital transfers include:
transferring part or the whole invested capital, including selling an
enterprise to another enterprise; other forms of capital transfers according to
law.
dd) Selling debts;
e) Trading in foreign
currencies;
g) Derivative financial services
include: swapping interest rates; forward contracts, futures contracts,
foreign-exchange options; other derivative financial services according to law;
h) Selling collateral for loans
taken by organizations of which 100% of charter capital is possessed by the
State, which are established by the Government to settle bad debts of
Vietnamese credit institutions.”
“11. Maintenance of zoos,
parks, urban trees, public lighting; funeral services.”
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“17. Machinery, equipment,
parts, and materials that cannot be produced at home and need to be imported to
serve scientific research, technological development; machinery, equipment,
parts, specialized vehicles, and materials that cannot be produced at home and
need to be imported to serve petroleum exploration; airplanes, oil rigs, and
ships that cannot be produced at home and must be imported to form fixed
assets, or need to be hired from foreign partners to serve production,
business, or to lease back.
“23. Production of exports
that are resources and minerals that are not processed into other products.”
“25. Goods and services
provided by business households and individuals that earn annual revenue of
less than 100 million VND.
The business establishments that
sell the goods and services that are not subject to VAT in this Article shall
not deduct input VAT or receive input VAT refund, except for the cases to which
the tax rate of 0% applies that are defined in Clause 1 Article 8 of this Law.”
2. Points a, b, and d Clause 1
of Article are amended as follows:
“a) Taxable prices of
goods and services are VAT-exclusive prices; taxable prices of goods and
services subject to special excise duty are the prices inclusive of subscriber
information and exclusive of VAT; taxable prices of goods subject to
environmental protection tax are prices inclusive of environmental protection
tax and exclusive of VAT; taxable prices of goods subject to special excise
duty and environmental protection tax are prices inclusive of special excise
duty and environmental protection tax and exclusive of VAT;
b) Taxable prices of imported
goods are prices at the border checkpoint plus import tax (if any) plus special
excise duty (if any) plus environmental protection tax (if any). Import prices
at the border checkpoint shall be determined in accordance with the regulations
on taxable prices of imported goods;”
“d) Taxable prices of the
lease of property are the rents exclusive of VAT.
If the rent is paid in
instalments or paid in advance for a certain period of time, the taxable price
is the instalment or the advanced payment exclusive of VAT;”
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“1. The tax rate of 0% is
applicable to exported goods and services, international transport, goods and
services that are not subject to VAT according to Article 5 of this Law when
they are exported, except for the cases below:
a) Transferring technologies,
transferring intellectual property rights abroad;
b) Reinsurance abroad;
c) Credit services;
d) Capital transfer;
dd) Derivative financial
services;
e) Telecommunications and postal
services;
g) Exported products being
resources or minerals that are no processed into other products according to
Clause 23 Article 5 of this Law.
Exported goods and services
being sold outside Vietnam, in non-tariff zones; goods and services provided
for foreigners according to the Government’s regulations.”
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q) Sale, lease, and hire purchase
of social housing according to the Law on Housing.”
4. Article 10 is amended as
follows:
“Article 10. Tax
deduction method
1. VAT shall be deducted as
follows:
a) The amount of VAT payable by
deduction method is equal to the amount of output VAT minus the deductible
input VAT;
b) The amount of output VAT is
equal to the total VAT on sold goods and services, which is written on the VAT
invoice.
VAT on sold goods and services
written on the VAT invoice is equal to the taxable prices of goods and services
multiplied by the rate of VAT on such goods and services.
If the paid price written on the
invoice is inclusive of VAT, the output VAT shall equal the paid price minus
VAT defined in Point k Clause 1 Article 7 of this Law;
c) The amount of deductible
input VAT is equal to the total amount of VAT written on the VAT invoice, the
VAT bill of imported goods, and must satisfy the conditions in Article 12 of
this Law.
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a) Business establishments that
earn annual revenue of at least 1 billion VND from goods sale, except for
business households and individuals;
b) Business establishments that
voluntarily employ the deduction method, except for business households and
individuals.
3. The Government shall
elaborate this Article.”
5. Article 11 is amended as
follows:
“Article 11. Method of
direct calculation on value added
1. The amount of VAT payable
according to direct calculation on value added equals the value added
multiplied by the rate of VAT on the trade and crafting of gold, silver, and
gems.
Value added of gold, silver and
gems are equal to the sale prices of the gold, silver and gems minus the
purchase prices of gold, silver and gems.
2. Application of VAT according
to direct calculation on value added, which equals to the percentage multiplied
by revenue:
a) Subjects of application:
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- Business households and
individuals;
- The foreign organizations and
individuals, which/who do not have permanent establishments in Vietnam but earn
revenues in Vietnam, that do not comply with the accounting regime, except for
foreign organizations and individuals that provide goods and services that
serve petroleum exploration and extraction and have their tax deducted and paid
by the Vietnamese party;
- Other economic organizations,
except for the organizations that voluntarily employ the deduction method in
Clause 2 Article 10 of this Law;
b) The percentage (%) for
calculating VAT:
- Goods supply and distribution:
1%;
- Construction without
materials: 5%;
- Production, transport, and
services associated with goods, construction that includes materials: 3%;
- Other businesses: 2%.”
6. Article 12 is amended as
follows:
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1. Business establishments that
employ the deduction method shall deduct the input VAT as follows:
a) Input VAT on goods and
services used for the production and sale of goods and services subject to VAT
is completely deductible, including input VAT that is not compensated of
damaged goods and services subject to VAT;
b) For goods and services used
for the production and sale of both taxable and non taxable goods and services,
only input VAT on the goods and services used for the production and sale of
taxable goods and services is deductible. Deductible input VAT must be
separated from non-deductible VAT; if they are not separated, the deductible
input VAT shall be calculated by the percentage of revenue from goods and
services subject to VAT to the total revenue from sold goods and services;
c) Input VAT on goods and
services sold to organizations and individuals that use humanitarian aid or
non-refundable aid is completely deductible;
d) Input VAT on goods and
services used for petroleum exploration and extraction is completely
deductible;
dd) Input VAT that arises in a
month shall be declared and deducted when calculating the tax payable in that
month. When business finds that the input VAT is declared or deducted
incorrectly, it may be rectified before the tax authority issues a decision on
tax inspection at the premises.
2. Required papers for input VAT
deduction:
a) Sale invoices or receipts of
tax payment at the importation stage;
b) There are receipts of
non-cash payments for purchased goods and services, except for the purchases
below 20 million VND;
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The payment for exported goods
and services by offsetting the exported goods and services against the imported
goods and services and repayment of debts on behalf of the State is considered
non-cash payments.”
7. Article 13 is amended as
follows:
“Article 13. Cases of
tax refund
1. When the input VAT of a
business establishment that uses the deduction method is not completely
deducted in the month or in the quarter, it shall be deducted in the next
period; if the input VAT is not completely deducted after at least 12 months or
4 quarters from the month or the quarter in which the undeducted VAT arises,
the business establishment shall receive a tax refund.
When a business establishment
that uses the deduction method has a new project of investment, the VAT on
goods and services purchased during the investment is not deducted, and the
remaining tax is 300 million VND or higher, the establishment shall receive a
tax refund.
2. When the undeducted VAT on
exported goods and services of a business establishment reaches 300 million VND
in the month or the quarter, the establishment shall receive a VAT refund by
the month or quarter.
3. The business establishment
that uses the deduction method shall receive a refund of the surplus VAT or the
VAT that is not completely deducted when the ownership is change, or when the
enterprise is converted, merged, amalgamated, divided, dissolved, bankrupt, or
shut down.
4. Foreigners and Vietnamese
people residing abroad who have passports or entry papers issued by foreign
competent authorities shall receive refunds of tax on goods purchased in
Vietnam and brought abroad.
5. Refund of VAT for
programs/projects using non-refundable ODA, non-refundable aid, or humanitarian
aid:
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b) The organizations in Vietnam
that use non-refundable aid or humanitarian aid provided by foreign
organizations and individuals to purchases goods and services to serve the
program/project shall receive a refund of the tax on such goods and services.
6. A subject eligible for
diplomatic immunity who purchases goods and services in Vietnam shall receive a
refund of the VAT on the VAT invoice or the receipt that indicates the
VAT-inclusive price.
7. The business establishments
that receives the decisions on VAT refunds from competent authorities, and the
cases of VAT refunds according to the International Agreements to which the
Socialist Republic of Vietnam is a signatory.”
Article 2.
1. This Law takes effect on
January 01, 2014, except from Clause 2 and Clause 3 of this Article.
2. The regulations on the tax
rate of 5% on the sale, lease, and hire purchase of social housing in Clause 3
Article 1 of this Law takes effect on July 01, 2013.
3. The 10% VAT on the sale,
lease, and hire purchase of commercial housing, which is finished apartments
smaller than 70 m2 that are sold at below 15 million VND/m2,
shall be reduced by 50% from July 01, 2013 until the end of June 30, 2014.
4. The Government shall
elaborate and provide guidance on the implementation of this Law.
This Law is passed by the
13th National Assembly of Socialist Republic of Vietnam in the 5th session on
June 19, 2013
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PRESIDENT OF
THE NATIONAL ASSEMBLY
Nguyen Sinh Hung