Under Circular 156, for State Budget collections from crude oil exports, a taxpayer:

• Can use any freely convertible currencies

• Must use VND

• Must use USD

• Can use any currency

Answer explanation

Under Circular 156, tax on export of crude oil should be paid in USD (VND for domestic sales).

Under Article 4 of Circular 80, tax payment can be made by any freely convertible currencies.

For tax payment in Vietnam, foreign e-com / digital-based business without P/E in Vietnam…

• can select a freely convertible currency

• must use VND

• must use USD

• can use any currency

Answer explanation

Article 4 of Circular 80: overseas suppliers of e-commerce / digital based business activities without Permanent Establishment in Vietnam can pay tax by a freely convertible currency

The foreign exchange rate used for conversion of revenue, costs in foreign currency for tax purposes shall be…

• Commercial bank rates

• In accordance with accounting regulations

• Stipulated by State Bank of Vietnam

• Stipulated by GDT

Answer explanation

Circular 80 removes detailed guidance about the exchange rate for revenue / costs under Circular 156 and previous Circulars because these are inconsistent with Circular 200/2014

If a company headquartered in HCMC has construction project in Binh Duong, what is % of revenue that it has to allocate to Binh Duong for VAT purpose?

Answer explanation

(Note: Previously, it was 2%)