New regulations of Decree 92/2021/ND-CP on invoices need to know

✨ On November 19, 2021, Decree 92/2021/ND-CP detailed the number of articles of Resolution No. 406/NQ-UBTVQH15 of the National Assembly Standing Committee promulgating a number of solutions to support businesses and people affected by Covid-19.

✨ TASCO Tax agent would like to inform customers of the changes in this Decree on invoices in the article below. These are important information about invoices applicable from November 1, 2021.

1. How to make invoices when receiving VAT reduction?

From November 1, 2021, to the end of December 31, 2021, many goods and services will be reduced VAT following Resolution 406/NQ-UBTVQH15.

Invoicing for goods and services eligible for VAT reduction is guided by Decree 92/2021/ND-CP as follows:

📌 In the case of VAT calculation by deduction method

• When making a value-added invoice for the provision of goods and services subject to value-added tax reduction, at the value-added tax rate line write "the prescribed tax rate (5% or 10%) x 70%”; value-added tax; the total amount to be paid by the buyer;

📌 In case of calculating VAT according to the method of percentage on revenue

• When making a sales invoice for the provision of goods and services subject to value-added tax reduction, in the column "Amount of money" write the full amount of goods and services before the reduction, in the line "Add goods, services" is recorded by the number that has reduced 30% of the percentage of revenue, and at the same time notes: "reduced... (amount) equivalent to 30% of the rate to calculate value-added tax according to Resolution No. 406/NQ-UBTVQH15”.

2. Goods and services eligible for tax reduction need to be billed separately

According to Clause 4, Article 3 of Decree 92/2021/ND-CP guiding Resolution 406, in case an enterprise or organization trades in many goods and services, when making an invoice, the enterprise or organization shall make separate invoices for goods and services eligible for VAT reduction

⭐ Resolution 406/NQ-UBTVQH15 stipulates a range of goods and services eligible for VAT reduction from November 1, 2021, to December 31, 2021, including:

• Transport services (rail transport, water transport, air transport, other road transport);
• Lodging; Food Service; services of travel agencies, tour operators, and support services, related to the promotion and organization of tours; Publishing products and services;
• Film services, television program production, sound recording and music publishing; artwork and creative, artistic, entertainment services;
• Services of libraries, archives, museums, and other cultural activities; sports, entertainment, and entertainment services.

* Does not include publishing software and goods and services produced and traded in the form of online.

3. Correction of errors when making invoices according to the unreduced tax rate

⭐ Clause 5, Article 3 of Decree 92/2021/ND-CP clearly states that in case an enterprise or organization has issued an invoice and declared at the tax rate or percentage to calculate VAT that has not been reduced, then :

• The seller and the buyer make a record or have a written agreement, clearly stating the error
• The seller issues a correcting invoice and delivers the correcting invoice to the buyer.
• Based on the completed invoice, the seller declares and adjusts the output tax, and the buyer declares the adjustment of input tax (if any).

4. How to handle invoices that are tickets with a pre-printed value

• If an enterprise or organization dealing in goods and services eligible for VAT reduction has issued an ordered invoice printed in the form of a ticket with a pre-printed face value that has not been used up yet and has a need to continue using it, according to Clause 6, Article 3 of Decree 92/2021/ND-CP, these businesses and organizations need to stamp according to the price reduced by 30% of the VAT rate or the price that has been reduced by 30% of the percentage rate, in addition to the criteria pre-printed price for continued use.

5. Mandatory time to apply e-invoices

• Hanoi, City. Ho Chi Minh City, Quang Ninh, Hai Phong, Phu Tho, and Binh Dinh will be the 06 localities to start using e-invoice, from November 2021.
• According to Official Letter 10847 of the Ministry of Finance, in order to effectively implement e-invoices according to the new regulations, the Ministry plans to implementation from November 2021 in 06 provinces and cities including Hanoi, Ho Chi Minh City, and Hanoi. . Ho Chi Minh City, Hai Phong, Phu Tho, Quang Ninh, Binh Dinh.
• Thus, businesses in the above 06 provinces and cities should pay special attention to the application of e-invoices from November 2021 in accordance with the provisions of Decree 123/2020/ND-CP and Circular No. 78/2021/TT-BTC.

✅ Across the country, from July 1, 2022, electronic invoices will be officially applied.

✅ Some notable points of the new regulations of Decree 92/2021/ND-CP on invoices need to be known. TASCO Tax agent hopes to provide your information needs.

✅ Good luck to our customers!

✅ If you have any questions, please contact the hotline: 0975.48.08.68 for a free and direct consultation!

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