Vietnam has very prescriptive processes and documents required in order to ensure that corporate income tax deductions are permitted for expenses, that VAT input credits are allowed for payments, and so that penalties for incorrect accounting entries do not arise.
Our Quick Guide provides an overview of the documents generally required for various payments – both domestic and international to ensure compliance with taxation and accounting requirements.
Required payment documentation includes:
- Vouchers/Statements proving payment occurred via bank transfer/settlement, OR
- Cash payment vouchers
(Note: For transactions of VND 20 million or more, enterprises are not permitted to use cash payments)
Accounting Vouchers – evidence of journal entry into accounting software is required. For most compliant accounting systems, this involves printed journal vouchers, signed by accountants and company head.
View our updated Quick Guide to documentation required for undertaking and recording payments in Vietnam for both accounting and tax compliance.