Is the deadline for submitting the financial statement for 2024 for state-owned corporations in Vietnam January 30, 2025?

When does the annual accounting period start in Vietnam?

Based on Point a, Clause 1, Article 12 of the Accounting Law 2015, the annual accounting period is 12 months, calculated from the beginning of January 1 to the end of December 31 of the calendar year.

Accounting units with specific organizational or operational characteristics can choose an annual accounting period of exactly 12 months according to the calendar year, starting from the beginning of the first day of the first month of this quarter to the end of the last day of the last month of the previous quarter of the following year, and must notify the financial agency and tax authority.

Is the deadline for submitting the financial statement for 2024 for state-owned corporations in Vietnam January 30, 2025?

The deadline for submitting annual financial statements for state-owned enterprises is determined according to Article 109 of Circular 200/2014/TT-BTC as follows:

Deadline for submitting financial statements

1. For state-owned enterprises

a) Deadline for submitting quarterly financial statements:

- The accounting unit must submit quarterly financial statements no later than 20 days from the end of the quarterly accounting period; for parent companies and state-owned corporations, no later than 45 days;

- Accounting units affiliated with enterprises, state-owned corporations submit quarterly financial statements to the parent company, corporation according to the deadline set by the parent company, corporation.

b) Deadline for submitting annual financial statements:

*- The accounting unit must submit annual financial statements no later than 30 days from the end of the annual accounting period; For parent companies and state-owned corporations, no later than 90 days;

- Accounting units belonging to state-owned corporations submit annual financial statements to the parent company, corporation according to the deadline set by the parent company, corporation.

2. For other types of enterprises

a) Accounting units that are private enterprises and partnerships must submit annual financial statements no later than 30 days from the end of the annual accounting period; for other accounting units, the deadline is no later than 90 days;

b) Affiliated accounting units submit annual financial statements to the superior accounting unit according to the deadline set by the superior accounting unit.

Therefore, the annual accounting period for 2024 is from January 1, 2024, to December 31, 2024, so the deadline for submitting the financial statement for 2024 for state-owned corporations is March 30, 2025, not January 30, 2025.

Is the deadline for submitting the financial statement for 2024 for state-owned corporations in Vietnam January 30, 2025? (Image from the Internet)

Vietnam: To whom must state-owned corporations submit the financial statement for 2024?

The recipient of the 2024 financial statement is determined according to Article 110 of Circular 200/2014/TT-BTC as follows:

Recipients of financial statements

...

1. For state-owned enterprises located in provinces and cities under central authority, financial statements must be prepared and submitted to the Department of Finance of the province or city under central authority. Central government-owned enterprises must also submit financial statements to the Ministry of Finance (Department of Enterprise Finance).

- State-owned enterprises such as commercial banks, lottery companies, credit institutions, insurers, and securities companies must submit financial statements to the Ministry of Finance (Banking Finance Department or Insurance Supervision Management Department).

- Securities trading companies and public companies must submit financial statements to the State Securities Commission and the Stock Exchange.

2. Enterprises must submit financial statements to the tax authority that directly manages local taxes. State-owned corporations must also submit financial statements to the Ministry of Finance (General Department of Taxation).

3. Enterprises with superior accounting units must submit financial statements to the superior accounting unit according to its regulations.

4. For enterprises required by law to audit financial statements, auditing must be done before submitting financial statements as prescribed. Audited financial statements must include the audit report attached to the financial statements when submitted to state management agencies and superior enterprises.

5. The financial authority to which foreign direct investment (FDI) enterprises must submit financial statements is the Department of Finance of the provinces and cities under central authority where the enterprise registers its main business headquarters.

6. For state-owned enterprises with 100% charter capital, in addition to the authorities where the enterprise must submit financial statements as prescribed above, the enterprise must also submit financial statements to agencies and organizations assigned and decentralized to exercise the owner's rights according to Decree No. 99/2012/ND-CP and the amending, supplementing, and replacing documents.

7. Enterprises (including domestic enterprises and foreign-invested enterprises) headquartered in export processing zones, industrial zones, or high-tech zones must also submit annual financial statements to the management board of the export processing zone, industrial zone, or high-tech zone if required.

Accordingly, state-owned corporations must submit financial statements to the tax authority that directly manages local taxes and to the Ministry of Finance (General Department of Taxation).