What is VAT?
Value Added Tax (VAT) is an indirect tax levied on the added value of goods and services arising from production, circulation, and consumption.
Who needs to declare VAT?
All organizations and individuals producing or trading goods and services subject to VAT must declare and pay VAT.
Declaration Deadlines
Monthly Declaration
- Applies to businesses with previous year revenue of 50 billion VND or more
- Deadline: 20th of the following month
Quarterly Declaration
- Applies to businesses with previous year revenue under 50 billion VND
- Deadline: Last day of the first month of the following quarter
Steps to Declare VAT
- Collect documents: Input and output invoices
- Consolidate data: Using accounting software or Excel
- Prepare declaration: Form 01/GTGT
- Submit declaration: Via electronic tax system
- Pay tax: If there is tax payable
Important Notes
- Verify supplier tax codes carefully
- Ensure invoices are valid with complete information
- Store original documents safely
- Regularly monitor tax law changes
Conclusion
Correct and complete VAT declaration is mandatory for all businesses. Contact H&T Bay for detailed consultation and support.