In the Draft Decree Regulating the declaration, calculation, tax deduction, tax payment, and use of electronic invoices for business households and individuals doing business for the 2nd time, the Government proposes as follows:
Article 8. Principles of declaration, calculation of tax and use of invoices
1. For value-added tax, personal income tax:
a) In case business households and individual businesses self-determine that they have annual revenue from production and business activities of goods and services from 500 million VND or less, business households and individual businesses shall notify the tax authority of actual revenue arising in the year no later than January 31 of each year.
b) In case business households and individual businesses determine that annual revenue from production and business activities of goods and services is over 500 million VND, business households and individual businesses self-determine the amount of value-added tax and personal income tax to be paid according to the provisions of law on value-added tax and personal income tax as prescribed in Articles 3, 4, 5, and 6 of this Decree.
c) In cases where business households and individuals use electronic invoices, electronic invoices generated from cash computers connected to tax authorities, the tax management information system automatically creates tax declarations to support business households and individuals in declaring value-added tax, personal income and calculating value-added tax, personal income on the basis of electronic invoice data, tax management data and other data sources that tax authorities obtain from other state agencies, organizations, and individuals.
In case of not using electronic invoices, business households and individuals determine the amount of tax to be paid according to regulations.
Thus, according to the above Draft, if self-determined business households and individuals have annual revenue from production and business activities of goods and services from 500 million VND or less, business households and individuals shall notify the tax authority of actual revenue arising in the year no later than January 31 of each year.
