The Ministry of Finance issued Official Letter No. 2688/BTC-TCT on 23 March 2022 to guide VAT specified in Decree 15/2022/ND-CP. Some notable contents are as follows:
- When a business establishment signs a service provision contract with the collection of money before or during service provision, and an invoice has been issued at the time of collection before 01 February 2022 with the tax rate of 10%, but the service completed in the period from 01 February 2022 to the end of 31 December 2022, the amount invoiced before 01 February 2022 is not eligible for VAT reduction policy; for the remaining unpaid amount, invoiced from 01 February 2022 to the end of 31 December 2022, the VAT reduction policy will be applied.
- When the business establishment provides goods and services subject to the tax rate of 10% in January 2022, but until February 2022, the business establishment just issues an invoice for the revenue from the sale of goods and services in January 2022, they are in the case of making invoices at the wrong time and are not eligible for VAT reduction.
For further information, please contact:
Minh Ngo Nhat, Managing Partner, BLawyers
minh.ngo@blawyersvn.com
