SPECIFIC INSTRUCTIONS FOR WRONG INPUT VAT DECLARATION ACCORDING TO THE GUIDELINES OF QUANG TRI TAX DEPARTMENT:
Specific instructions for declaring incorrect input VAT according to the instructions of Quang Tri Tax Department are as follows:
Previously, in case a business establishment discovered that the input value-added tax declared or deducted was incorrect or incomplete, the 2008 Law on Value-Added Tax only instructed taxpayers to make additional declarations and deductions before the tax authority announced the decision to conduct a tax audit or tax inspection at the taxpayer's headquarters.
According to the new regulations, at Point d, Clause 1, Article 14 of the 2024 Law on Value-Added Tax, in case a business establishment discovered that the input value-added tax declared or deducted was incorrect or incomplete, it could declare tax before the tax authority or competent authority announced the decision to conduct a tax audit or tax inspection as follows:
- Declare in the period in which the additional declaration increases the amount of tax payable or reduces the amount of tax refunded; the taxpayer must pay the full amount of tax payable increased or have the corresponding refunded tax amount recovered and pay late payment fees to the state budget (if any).
- Declare in the discovered period in case the additional declaration reduces the amount of tax payable or only increases or decreases the amount of value added tax that can be deducted and carried over to the following month or quarter..
