In accordance with the Circular No. 26/2015/TT-BTC dated February 27, 2015 of the Ministry of Finance guiding the value-added tax and tax administration in Decree No. 12/2015/ND-CP on guidelines for the Law on amendments to Laws, Decrees on taxations, and amendments to Circular No. 39/2014/TT-BTC on invoices for goods sale and service provision, from 2015, If the buyer’s name or address on an issued invoice is incorrect but the buyer’s TIN is correct, only an adjustment note is required instead of an adjusted invoice.
Other important content is that from January 01, 2015when a taxpayer receives land use right from another entity, deductible land price when calculating VAT is the price written on the capital contribution contract. If the price for transfer of land use right is lower than the price of contributed land, the former shall apply.
Where a real estate company signs a contract with a household or individual who have a piece of agricultural land to convert it into housing land and such conversion is
conformable with regulations of law on land, taxable price shall equal transfer price minus (-) deductible land price. Transfer price is the price for compensation corresponding to the area of agricultural land that is withdrawn under a plan approved by a competent authority.
Also in accordance with this Circular, Taxpayer (both organizations and individuals) engaged in hotel and restaurant business, supermarket business, and other business lines using cash register systems and shopkeeper software to receive payments, they must be connected with tax authorities to send information to tax authorities according to their plan. Especially, when selling goods and services, including those used for trade promotion, advertising, samples, goods and services used for donation, exchange, or paid as salaries except for goods internally circulated or internally used to proceed production, the seller must issue invoices.
This Circular takes effect on January 01, 2015.
