Legal News

[Taxation] Information from the Directorate General of Taxation on e-wallet payments

2024/07/11

The Directorate General of Taxation issued Official Letter No. 2677/TCT-CS dated June 24, 2024, guiding on the use of electronic wallets for payments. According to the Decree on non-cash payments, payments can be made using e-wallets provided by payment intermediaries licensed by the Central Bank. Specifically, users first use payment services on electronic terminals such as smartphones and computers to transfer money from their own bank accounts or payment applications to the accounts of payment intermediaries. The payment intermediary then transfers the amount received to the seller’s bank account.
In Vietnam, non-cash payment is one of the conditions to apply for VAT declaration and deduction.

In this Official Letter, Article 15, paragraph 3 of Circular 219/2013/TT-BTC (as amended and supplemented by Circular 26/2015/TT-BTC) clarifies that the above e-wallet payment is recognized as one of non-cash payment, which is also applicable in VAT declaration and deduction. The above-mentioned e-wallet payments are now recognized as one of the non-cash payments, and it is clarified that the same payments are applicable for VAT declaration and deduction.

 

References:
Official Letter No. 2677/TCT-CS dated June 24, 2024
Circular No. 219/2013/TT-BTC
Article 15, paragraph 3 of Circular 26/2015/TT-BTC