How to submit supplementary documents if the financial statement is found erroneous in Vietnam? What is the deadline for submitting the annual financial statement of small and medium enterprises in Vietnam in 2025?
How to submit supplementary documents if the financial statement is found erroneous in Vietnam?
Based on Clause 4, Article 47 of the Law on Tax Administration 2019, the regulations are as follows:
Amendment to the Tax Return Dossier
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- The supplemental tax return dossier includes:
a) The supplemental declaration form;
b) The explanatory statement of the amended declaration and relevant documents.
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As per Clause 4, Article 7 of Decree 126/2020/ND-CP, the regulations on the supplemental dossier for each erroneous tax return are as follows:
Tax Dossier
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4. The taxpayer is allowed to submit a supplemental dossier for each erroneous tax return according to the provisions in Article 47 of the Law on Tax Administrationand the form prescribed by the Minister of Finance. Taxpayers amend as follows:
a) If the amendment does not change the tax obligation, only an explanatory statement of the amendment and relevant documents need to be submitted, without a supplemental declaration form.
If the annual tax finalization return has not been submitted, the taxpayer should amend the erroneous monthly or quarterly tax return and simultaneously consolidate the amended data into the annual tax finalization return.
If the annual tax finalization return has already been submitted, only the annual finalization return needs to be amended; specifically, if amending the personal income tax settlement return for organizations or individuals paying income from salaries or wages, the corresponding erroneous monthly or quarterly returns must be amended simultaneously.
b) If the amendment results in an increased tax liability or a reduction in tax refunded by the state budget, the taxpayer must pay the increased tax or the refunded tax difference and any late tax payment to the state budget (if applicable).
If the amendment only increases or decreases the value-added tax to be carried over to the next period, it must be declared in the current tax period. Taxpayers are only allowed to amend to increase the value-added tax claim refund when they have not submitted the tax return for the subsequent tax period and have not submitted the tax refund claim dossier.
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Furthermore, in 2022, the Tax Department of Bac Giang province issued Official Dispatch 5509/CTGI-TTHT 2022... Download guiding the resubmission of the 2021 financial statement in cases where the previously submitted financial statements to tax authorities are erroneous, with detailed amendments as follows:
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Based on the above regulations and the content of the Official Dispatch inquiry from the company, the Tax Department of Bac Giang province responds as follows:
If the financial statement for 2021 submitted by the company to the tax authority contains errors, amendments can be made within 10 years from the end of the tax period's tax return deadline, but before the tax authority or competent agency announces an inspection or examination decision.
If the errors affect the corporate income tax (CIT) payable, the company must submit a supplemental CIT finalization declaration (form number 03/TNDN issued with Circular 80/2022/TT-BTC) of the erroneous year, along with an explanatory statement of the amendment and relevant documents, resubmitted to the tax authority along with the amended financial statements.
If the errors do not affect the CIT payable, the company shall amend the data on the financial statement and resubmit to the tax authority. The company does not have to submit a supplemental CIT finalization declaration.
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Thus, from the above regulations, if the Financial Statement has errors, it should be resubmitted as follows:
- If the financial statement previously submitted to the tax authority contains errors, amendments can be made within 10 years from the end of the tax period's tax return deadline, but before the tax authority or competent agency announces an inspection or examination decision.
- If the errors in the financial statement affect the corporate income tax (CIT) payable, the enterprise must submit a supplemental CIT finalization declaration using form number 03/TNDN issued with Circular 80/2022/TT-BTC for the erroneous year, along with an explanatory statement of the amendment and relevant documents, resubmitted to the tax authority along with the amended financial statements.
- If the errors in the financial statement do not affect the CIT payable, the company shall amend the data on the financial statement and resubmit to the tax authority. The company does not have to submit a supplemental CIT finalization declaration.
How to submit supplementary documents if the financial statement is found erroneous in Vietnam? (Image from the Internet)
What is the deadline for submitting the annual financial statement of small and medium enterprises in Vietnam in 2025?
According to Clause 1, Article 80 of Circular 133/2016/TT-BTC the deadline for submitting financial statements for small and medium enterprises in 2025 is specified as follows:
Responsibility, Deadline for Preparing and Submitting Financial Statements
- Responsibility, deadline for preparing and submitting financial statements:
a) All small and medium enterprises must prepare and submit annual financial statements no later than 90 days from the end of the fiscal year to relevant agencies as prescribed.
b) Besides preparing annual financial statements, enterprises may prepare monthly or quarterly financial statements to serve management and operational needs.
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The deadline for submitting annual financial statements for small and medium enterprises is no later than 90 days from the end of the fiscal year to relevant agencies as prescribed.
Thus, the submission deadline for the 2025 annual financial statement for the 2024 tax period (from January 1, 2024, to December 31, 2024) for small and medium enterprises is no later than March 30, 2025.
Where to submit the annual financial statement of small and medium enterprises in Vietnam?
According to Clause 2, Article 80 of Circular 133/2016/TT-BTC, the place to submit the annual financial statements is specified as follows:
- Enterprises submit annual financial statements to the tax authority, business registration authority, and statistical office.
- Enterprises (including domestic and foreign-invested enterprises) situated in export processing zones, industrial zones, or high-tech zones, besides submitting the annual financial statements to the prescribed authorities (Tax Authority, Business Registration Authority, Statistical Office), must also submit the annual financial statements to the management board of the export processing zone, industrial zone, or high-tech zone if requested.
