KPMG tax advisers tell you all you ever wanted to know about Vietnam's tax laws and how they might affect your business

Vietnam Investment Review, November, 2004

How should enterprises deal with he credit of input VAT on VAT invoices if they fail to declare such input VAT in the month when VAT invoices are issued by suppliers?

Under Circular 120/2003/TT-3TC, dated 12 December 2003 of he Ministry of Finance (MoF), input VAT on goods and services is creditable and declared by enterprises in the month that the suppliers issue VAT invoices, irrespective of whether goods are used, consumed or kept in storage.

Where enterprises fail to declare input VAT for VAT invoices issued by the suppliers within the required month, it is permitted for the enterprises to declare such input VAT over the subsequent three months. For example, for VAT invoices issued by suppliers in January, enterprises are permitted to declare such input...