Shall reduced currency units be used when preparing import-export tax financial reports in Vietnam?

Are import and export accounting units in Vietnam required to do their assets inventory at the end of the annula accounting period before making financial reports?

Pursuant to Clause 4, Article 3 of Circular 174/2015/TT-BTC, it is explained that import and export accounting units are customs units with an organized accounting system for tax and other charges on exported and imported goods, and prepare financial reports (hereinafter referred to as accounting units).

Based on the provisions of Article 11 of Circular 174/2015/TT-BTC regarding assets inventory as follows:

Article 11. Assets inventory

1. Assets inventory involves determining on-site the cash fund, ledger of tax amounts and other receivables of taxpayers, goods temporarily held in storage, goods with confiscation decisions yet to be processed, which are kept at the unit at the time of inventory to compare with the figures in the accounting books. assets inventory reports must comply with accounting law regulations.

2. The accounting unit must do their assets inventory at the end of the annula accounting period before making financial reports or under other circumstances as prescribed by law.

Thus, the import and export tax accounting unit is required to do their assets inventory at the end of the annula accounting period before making financial reports or under other circumstances as prescribed by law.

Shall reduced currency units be used when preparing import-export tax financial reports in Vietnam?

Pursuant to the provisions of Article 6 of Circular 174/2015/TT-BTC regarding Calculation unit, letter, figure, and rounding methods in import and export tax accounting as follows:

Calculation unit, letter, figure, and rounding methods in import and export tax accounting

1. Calculation unit, letter, and figure in import and export tax accounting are implemented according to accounting law.

2. Economic transactions arising in foreign currency must be tracked according to the original currency and converted to Vietnamese Dong at the exchange rate prescribed by tax law for exported and imported goods to be recorded in the accounting books.

In cases where taxpayers pay in foreign currency, the exchange rate for recording the paid foreign currency shall be the foreign currency accounting rate announced monthly by the Ministry of Finance at the time State Treasury accounts for budget revenue.

3. When preparing or publishing financial reports using reduced currency units, the accounting unit is permitted to round figure by:

a) For Vietnamese Dong: If the digit after the reduced currency unit digit is five (5) or more, it is rounded up by one (1) unit; if less than five (5), it is omitted.

b) For foreign currency: If the thousandth place (the third digit after the decimal point) is five (5) or more, it is rounded up by one percent (1%) of a unit; if less than five (5), it is omitted.

4. In cases of converting foreign currency exchange rates, for amounts converted into Vietnamese Dong, the rounding method is also implemented according to Clause 3 of this Article.

Thus, when preparing import-export tax financial reports, the accounting unit can use reduced currency units.

When using reduced currency units, the accounting unit is permitted to round figure by:

- For Vietnamese Dong: If the digit after the reduced currency unit digit is five (5) or more, it is rounded up by one (1) unit; if less than five (5), it is omitted.

- For foreign currency: If the thousandth place (the third digit after the decimal point) is five (5) or more, it is rounded up by one percent (1%) of a unit; if less than five (5), it is omitted.

Shall reduced currency units be used when preparing import-export tax financial reports in Vietnam? (Image from the Internet)

What are the responsibilities of accounting units when preparing import-export tax financial reports in Vietnam?

The responsibilities of accounting units when preparing import-export tax financial reports are prescribed in Article 61 of Circular 174/2015/TT-BTC as follows:

- Sub-Departments of Customs and equivalents, and Customs units at the Department level and equivalents must prepare and submit financial reports as required by superior management units, submit related reports to the State Treasury where the unit transacts for coordination in checking, reconciling, and adjusting related accounting data concerning state budget revenue.

- The General Department of Customs aggregates reports submitted by Customs units at the Department level to report on state budget revenue related to export and import tax as required by the Ministry of Finance.

- Coordinate with the State Treasury to reconcile data related to state budget revenue of the entire industry.

- All cases of data adjustment on financial reports must be carried out from the stage of preparing accounting documents to accounting entry recording, ensuring a truthful reflection of all activities related to tax operations and other revenues concerning exported and imported goods of the unit.