Obstacles timely removed for enterprises

Binh Duong Provincial Department of Tax just held a talk with enterprises in 2015. At the conference, representatives of the tax authority has replied to questions of enterprises regarding obstacle removal, application of business strategies and observation of tax payment obligation.

Querries on exchange rate finalization

For this time’s talk, enterprises expressed much concerns on finalization of costs in foreign currency related transactions.

The querries involved the application of Circular No. 200/2014/TT-BTC of Ministry of Finance guiding the corporate accounting policy (Circular No. 200 for short) regulating and applying actual banking exchange rate at the locations where enterprises implement their transactions. Representative of EXO Co. Ltd. raised the question on what exchange rate to apply on the time of transaction in the event of fluctuation of the exchange rate during the day. Meantime, representative of SG Chemical Co. Ltd. raised question on Item 1.5 of Article 69 regarding the different time of advancement reception and actual sales of goods (invoice issuing date). Representative of Sung Shin Vina questioned on which exchange rate (incordance with Circular No. 200 or customs declaration sheet) to be written on accounting document regarding importing and exporting goods.

A enterprise representative raises their questions at the talk. Photo: T. Hong

At the talk, Mr. Vo Thanh Hai, Manager of Information Dissemination and Taxpayer Support of local tax authority has guided the enterprises in question to implement the Circular correctly by implementing actual bank exchange rate the time of transaction.

Regarding the finalization of importing and exporting goods exchange rate, Hai informed of current application of foreign exchange rate of Vietcombank at the end of Thursday business day of the previous week. Meantime, the exchange rate to be recorded in accounting book should be in accordance with Circular No. 26/2015/TT-BTC guiding implementation of VAT and tax management by Decree No. 12/2015/ND-CP.

In short, enterprises should follow Circulars No. 200 and 26 on calculation of VAT in enterprise income tax, i.e. the purchase exchange rate of commercial bank while exchange rate on customs declaration should be identified by the customs agencies.

To improve services

Recently, through document, telephone, and email response, Binh Duong Provincial Department of Tax has given thorough response.

Mr. Nguyen Minh Tam, Deputy Director of Binh Duong Provincial Department of Tax informed of active participation of enterprises in discussing the obstacles in implementing tax policies and administrative procedures. In 2015, the Department will be improving its services aiming for norms of the tax authority in the region and the world.

Reported by Thanh Hong – Translated by Vi Bao

• Vietnam expected to become e-commerce powerhouse in Southeast Asia (27/04)
• Revenue on top five e-commerce platforms jumps 79% (27/04)
• Vietnam treasures role of UNESCO: Foreign Minister (26/04)
• Enterprises want clearer regulations on seafood production (26/04)
• Socio-economic indicators increased over the same period (26/04)
• Connected traffic and upgraded urban areas (26/04)
• Impressions on the development journey (25/04)
• Ben Cat Town awards certificates of 12 typical rural industrial products in 2024 (25/04)