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Official Dispatch No. 62652/CTHN-TTHT dated August 25, 2023 of Hanoi Tax Department Tax policy when paying by personal credit card

In case the Company authorizes an individual who is an employee of the Company to pay for the purchase of fixed assets used for the Company’s production and business activities with a value of twenty (20) million VND or more (price includes VAT ) to the seller by paying that individual’s credit card to the seller’s account, The Company pays the individual through a transfer from the Tax Authority’s registered Company account to the individual’s account. The company can declare and deduct input VAT and have it included in deductible expenses when calculating corporate income tax, if it simultaneously satisfies:

  • This form of payment is specifically regulated in the Company’s financial management regulations or governance regulations :
  • The above expenses have complete records and documents proving that the assets are used for the Company’s production and business activities;
  • Have invoice for purchasing goods and services bearing the Company’s name and tax code;
  • There are records related to the Company’s authorization for individuals to pay the seller and pay back to the Company;
  • Credit statement documents from the individual to the seller, documents transferring money from the Company’s bank account to the individual.

Please kindly check attachment file for further reference

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