Businesses need to pay more attention to cashless payment methods

Be proactive in payment activities

According to the provisions of the Law on Value Added Tax (VAT) No. 48/2024/QH15 dated November 26, 2024 of the National Assembly , effective from July 1, 2025, the conditions for deducting input VAT have changed. Specifically, enterprises purchasing goods and services under VND 20 million must have e-commerce transaction documents.

Previously, when the official guidance document had not been issued, enterprises were proactive in implementing e-commerce at their units to minimize risks. Many enterprises have issued documents requesting departments and individuals who have made cash advances and are assigned to purchase and sell goods and services to temporarily not make cash payments with customers until the company receives a written notice. At the same time, it is required that relevant units sign contracts with suppliers: Gasoline, oil, regular expenses, stationery, meals, etc. In case individuals and departments do not comply, if there are invalid or illegal invoices and documents, they will not be accepted for payment, refund and will be fully responsible for related issues.

Recently, the Government issued Decree 181, which provides specific guidance on e-commerce vouchers. Specifically, Article 26 of this Decree stipulates that business establishments must have e-commerce vouchers for purchased goods and services (including imported goods) worth VND 5 million or more, including VAT.

Bank payment is one of the accepted payment methods for VAT deduction.

E-commerce payment vouchers are also specified as documents proving e-commerce payment, except for documents in which the buyer deposits cash into the seller's account. Specifically, according to Article 3 of Decree 52/2024/ND-CP on e-commerce payment, e-commerce payment means are means issued by payment service providers, financial companies licensed to issue credit cards, payment intermediary service providers providing e-wallet services and used by customers to make payment transactions, including: Checks, payment orders, payment authorizations, collection orders, bank cards, e-wallets and other payment means as prescribed by the State Bank.

Depositing cash into a merchant account is not considered e-commerce.

Cases where VAT deduction is accepted

Decree 181 also stipulates a number of special cases that are accepted for tax deduction, such as: Goods and services purchased by the method of offsetting the value of purchased goods and services with the value of sold goods and services, borrowing goods, and this payment method is specifically stipulated in the contract, there must be a record of data comparison and confirmation between the two parties on the offsetting between purchased goods and services with sold goods and services, borrowing goods. In case of offsetting debt through a third party, there must be a record of offsetting debt of the three parties as the basis for tax deduction.

Goods and services purchased by debt offset method such as borrowing or lending money; offsetting debt through a third party where this payment method is specifically stipulated in the contract, there must be a loan or borrowing contract in the form of a written document previously established and there must be a document transferring money from the lender's or lender's account to the borrower's or borrower's account for loans or borrowings in cash, including cases of offsetting between the value of purchased goods and services and the amount of money that the seller supports for the buyer, or asks the buyer to pay on their behalf.

For purchased goods and services that are paid for by authorization through a third party of e-commerce, payment by authorization or payment to a third party as designated by the seller must be specifically stipulated in the contract in written form and the third party must be an organization or individual operating in accordance with the provisions of law. In case of purchased goods and services by payment for goods and services in stocks or bonds, and this payment method is specifically stipulated in the contract, there must be a pre-established written sales contract.

After making the above payment methods, if the remaining value is paid in cash with a value of VND 5 million or more, tax deduction is only allowed in cases where there is a certificate of e-commerce payment. In addition, purchased goods and services are transferred to a third party's account opened at the State Treasury to enforce the measure of collecting money and assets held by other organizations and individuals (according to the decision of a competent State agency), then input VAT deduction is determined corresponding to the amount transferred to the third party's account opened at the State Treasury.

Tax officers support taxpayers with issues related to invoices and documents.

For goods and services purchased on deferred payment or installment payment with a value of VND 5 million or more, business establishments shall base on the written contract for purchasing goods and services, VAT invoices and e-commerce vouchers of goods and services purchased on deferred payment or installment payment to deduct input VAT. In case there is no e-commerce voucher because the payment time according to the contract or contract appendix has not yet arrived, the business establishment shall still be entitled to deduct input VAT. In case at the time of payment according to the contract or contract appendix, the business establishment does not have e-commerce vouchers, the business establishment must declare and adjust the deductible input VAT amount for the value of goods and services without e-commerce vouchers in the tax period in which the payment obligation according to the contract or contract appendix arises.

For imported goods and services with a value of less than VND 5 million each time, goods and services purchased each time according to invoices with a value of less than VND 5 million at prices including VAT, and in cases where a business establishment imports goods as gifts, presents, or samples without payment from organizations or individuals abroad, a commercial transaction certificate is not required for purchased goods and services.

In case goods and services purchased for production and business activities of goods and services subject to VAT are authorized to individuals who are employees of e-commerce business establishments according to the financial regulations or internal regulations of the business establishment, then the business establishment pays the employees in the form of e-commerce, then input VAT is deducted.

According to Article 26 of Decree 181, in case a taxpayer purchases goods and services with a value of less than 5 million VND but purchases many times on the same day with a total value of 5 million VND or more, tax deduction is only allowed in cases where there is a certificate of e-commerce transaction.

Hung - Anh

Source: https://huengaynay.vn/kinh-te/doanh-nghiep-phai-thanh-toan-khong-dung-tien-mat-voi-hang-hoa-gia-tri-tu-5-trieu-dong-155255.html