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Instructions on VAT deductions on property insurance using the State budget
11/04/2013 - 10 Lượt xem
The General Department of Taxation
recently issued Document 333/TCT-DNL giving instructions to local tax
authorities and enterprises on Value Added Tax (VAT) deductions on
construction works insurance and other kinds of insurances from the
State budget.
Accordingly,
the Document covers insurance fees on construction works, motor
vehicles, fire and properties that are subject to VAT but not subject to
the two percent VAT deduction according to regulations. If businesses
already deducted two percent of VAT to pay into the State budget before
the guidance of this document, this amount will not be made adjustment.
The
State Treasury in each locality is responsible for VAT deduction to pay
into the State Budget at a fixed rate of two percent on the amount of
money paid to the volume of basic construction works supported by the
State budget and ODA projects that are subject to VAT.
As
for the payments without economic contracts, such as payment for
project management tasks performed by investors, payment for site
clearance or for projects implemented by the local people in a given
locality are not subject to VAT deduction./.
Source: VietnamNet.
Source: VietnamNet.
