Deducting VAT on agricultural machinery
Photo by: T.Trang. |
On January 29, 2016 the official letter No.1677/BTC-TCT was enacted by the Ministry of Finance to the relative agencies in order to orient the operation on all sorts of machinery, equipment and other specialized services for agricultural production that were not identified in Circular No. 26/2015/TT-BTC.
According to the document, with cases of businesses that have declared, caculated and paid their VAT that matches the instruction of the 1677/BTC-TCT circular from January 1, 2015 to January 29, 2016, such businesses will not have to adjust anykind of tax-related activities.
Nonetheless, cases of businesses that import or purchased machines and any other devices for agriculture production that were declared, paid VAT in the importing process (or have paid VAT during the purchase), which come before January 29, 2016. Other businesses that on sell this equipment from January 29, 2016, must file their bills that have the record under the previous VAT taxation system and shall return and address the input VAT at the stage of import with the output VAT taxes that needs to be paid for the goods and other services instand of being returned directly to the State budget.
Therefore, the Ministry of Finance is sending out requests to the entire body of Customs, Tax departments of all provinces and cities to encourage the associated sectors and businesses to follow this new and improve offcial letter as detailed above.
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