Which date is the tax accounting day in Vietnam?

Which date is the tax accounting day in Vietnam?

The principle of accounting according to the accounting period in Vietnam is defined in Clause 2, Article 8 of Circular 111/2021/TT-BTC as follows:

Tax Accounting Period

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2. Principle of accounting according to the period

a) The internal tax accounting day is determined as the day the tax accounting entry is recorded into the Tax Accounting Subsystem.

b) The day for collecting input information for tax accounting must ensure the principle of being on the day the tax management transaction arises or at the latest on the following day. Except for statutory holidays, the information collection day is the next working day of the holiday.

c) In case during the accounting report preparation period, adjustments arise for tax management transactions that have been recorded in the tax accounting period of the previous year, if implemented before the tax accounting period closure, these adjustments shall be recorded in the tax accounting period of the previous year and identified by the information of the accounting year specified in Clause 1 of this Article.

d) After closing the tax accounting period, adjustments related to the previous year's tax accounting period can only be made upon request by competent state agencies and in accordance with Clauses 3, 4 of Article 27 and Clauses 2, 3 of Article 30 of this Circular.

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The internal tax accounting day is determined as the day the tax accounting entry is recorded into the Tax Accounting Subsystem.

 Which date is the tax accounting day in Vietnam? (Image from Internet)

What are regulations on chapter codes and sub-items for accounting in Vietnam?

Based on Article 21 of Circular 111/2021/TT-BTC concerning chapter codes:

Chapter codes

1. chapter codes are used to record, reflect, and account for the amount due, collected, collectible, refundable, refunded, to be refunded, exempted, reduced, deferred, or written off concerning tax management operations of the tax authority in accordance with the state budget nomenclature system.

2. All information on accounting for the amount due, collected, collectible, refundable, refunded, to be refunded, exempted, reduced, deferred or written off must be assigned a chapter code as regulated.

3. The list of chapter codes for tax accounting corresponds to the regulations of the State Budget Law and guiding documents of the state budget nomenclature.

And based on Article 22 of Circular 111/2021/TT-BTC concerning sub-items:

Sub-items

1. sub-items are used to record, reflect, and account for the amount due, collected, collectible, refundable, refunded, to be refunded, exempted, reduced, deferred, or written off concerning tax management transactions of the tax authority following the state budget nomenclature system.

2. All accounting information regarding the amount due, collected, collectible, refundable, refunded, to be refunded, exempted, reduced, deferred, or written off must be determined by sub-items according to the economic content as regulated.

3. The list of sub-items for tax accounting corresponds to the regulations of the State Budget Law and guiding documents of the state budget nomenclature.

The list of program and sub-items for internal tax accounting corresponds to the regulations of the State Budget Law 2015 and guiding documents of the state budget nomenclature.

To be specific, the chapter code list is specified in Appendix I issued together with Circular 324/2016/TT-BTC (amended by Clause 2, Article 1 of Circular 93/2019/TT-BTC, supplemented by Point b, Clause 4, Article 1 of Circular 84/2024/TT-BTC) and the sub-item list is specified in Appendix III issued together with Circular 324/2016/TT-BTC (supplemented by Article 1 of Circular 93/2019/TT-BTC and amended, supplemented by Article 1 of Circular 84/2024/TT-BTC).

What are requirements for recording accounting books in Vietnam?

The recording of accounting books in Vietnam must ensure the requirements of Article 26 of Circular 111/2021/TT-BTC as follows:

Opening, recording, and closing tax accounting books

1. Tax accounting books must be opened at the beginning of the tax accounting period; for newly established tax accounting units, books must be opened from the date of establishment.

2. Tax accounting units must base on the collected input information data for tax accounting, tax accounting documents to record accounting books. The recording must be prompt, clear, and complete according to the content of each tax accounting book. Information, data reflected on the tax accounting books must be accurate, truthful, and consistent with the input information collected for tax accounting, tax accounting documents regarding amounts due, collected, collectible, refundable, refunded, to be refunded, exempted, reduced, deferred, or written off.

3. Tax accounting books are recorded in chronological order of collected input information for tax accounting, tax accounting documents. It is strictly prohibited to record tax accounting books with any information not collected from the input information of tax accounting or tax accounting documents. Tax officials responsible for updating data into the Tax Management Application System must ensure the accuracy of the updated information, reflecting fully, promptly, accurately, truthfully, continually, and systematically all operations related to tax management.

4. Tax accounting units must close tax accounting books at the end of the period before preparing tax accounting reports.

The requirements to ensure when recording accounting books in Vietnam are:

- Promptly, clearly, and completely according to the content of each tax accounting book;

- Information and data reflected on the tax accounting books must be accurate, truthful, and consistent with the collected input information for tax accounting, tax accounting documents regarding amounts due, collected, collectible, refundable, refunded, to be refunded, exempted, reduced, deferred, or written off.

- Tax accounting books are recorded in chronological order of collected input information for tax accounting, tax accounting documents.

- It is strictly prohibited to record tax accounting books with any information not collected from the input information of tax accounting or tax accounting documents.