Value added tax (VAT) or VAT is often levied on consumer goods and services. So how is the basis for calculating VAT regulated by law? Follow the content of the article below by MISA MeInvoice to find the most suitable answer.
To be able to calculate the amount of value added tax payable, tax authorities and taxpayers must rely on legal documents issued on the basis for calculating value added tax, specifically as follows:
Document promulgating the Law on Value Added Tax 2008 amended 2013.
Law No. 71/2014/QH13 dated November 26, 2014 of the National Assembly, amended.
Law No. 106/2016/QH13 dated April 6, 2016 of the National Assembly, amended.
2. Basis for calculating VAT
VAT amount is determined through the formula
Value added tax = VAT taxable price x VAT rate
Thus, we can see that the basis for calculating korea telegram data value added tax includes two factors: VAT taxable price
The price for calculating value added tax is specifically regulated as follows:
Rental activities of assets are rental amounts excluding VAT.
Goods and services sold on installment or experience of Its usenaturally the cost of deferred payment basis do not include VAT. The taxable price is determined based on the one-time selling price of the product.
Processing items do not include VAT.
Construction and installation activities are the value of the project, project item or completed work part not including VAT.
Real estate transaction activities are real canada data estate sale prices excluding VAT.
Agency and brokerage activities are commissions received from these activities excluding VAT.
Goods and services using payment documents stating the payment price as the price including VAT, the taxable price is determined according to the following formula:
Transfer of artificial intelligence, technology transfer abroad.
Water for daily life and production.
Ore is used to produce fertilizers, pesticides, and plant growth stimulants.
Services of digging soil, dredging canals and ditches for agricultural production, farming, care and pest control of agricultural products.
Products used in farming, livestock, seafood, unprocessed.
Raw rubber latex, raw rosin, nets, twine and yarn for weaving fishing nets.
Fresh foods, unprocessed or uncooked.
By-products and raw materials used in sugar production.
Handicraft products are made from raw materials such as jute, sedge, bamboo, leaves, straw, coconut shells, coconut shells, water hyacinth and agricultural products; processed cotton; newsprint.