Vietnam: What is the deadline for submission of tax declaration dossiers in 2024? Does it fall on a weekend?

Vietnam: What is the deadline for submission of tax declaration dossiers in 2024?

Pursuant to the provisions at Clause 2, Article 44 of the Law on Tax Administration 2019, the deadline for submission of tax declaration dossiers for 2024 is specified as follows:

Deadline for submitting tax declaration dossiers

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2. The deadline for submitting tax declaration dossiers for taxes calculated annually is specified as follows:

a) No later than the last day of the third month from the date of the end of the calendar year or fiscal year for the annual tax finalization documents; no later than the last day of the first month of the calendar year or fiscal year for the annual tax declaration dossiers;

b) No later than the last day of the fourth month from the end of the calendar year for the personal income tax finalization documents of individuals directly finalizing tax;

c) No later than December 15 of the preceding year for tax declaration dossiers for business households and individuals paying tax according to the presumptive method; in case of new businesses, the deadline for submitting tax declaration dossiers is no later than 10 days from the commencement of business operations.

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Based on the above provisions, the deadline for submission of tax declaration dossiers is no later than the last day of the third month from the end of the calendar year or fiscal year for annual tax finalization documents.

The deadline for submission of tax declaration dossiers for 2024 is March 31, 2025, and does not fall on a weekend.

Vietnam: What is the deadline for submission of tax declaration dossiers in 2024? (Picture from Internet)

Viertnam: Which form should taxpayers use to declare corporate income tax finalization for 2024?

Currently, the Corporate Income Tax Finalization Declaration Form is applied according to Form 03/TNDN, specified in Appendix II issued together with Circular 80/2021/TT-BTC.

DOWNLOAD >>> Form 03/TNDN - Corporate Income Tax Finalization Declaration Form applicable for the revenue-expense method

What are regulations on determination and carry-forward of losses after submission of tax declaration dossiers in Vietnam?

According to Clause 2, Article 9 of Circular 78/2014/TT-BTC, if a company incurs a loss after finalizing taxes, it shall carry forward the entire loss continuously into taxable income (taxable income after deducting tax-exempt income) of subsequent years. The period for loss carryforward is continuous and does not exceed 5 years from the year subsequent to the loss occurrence.

Companies may temporarily carry forward losses to the income of quarters of the following year after preparing quarterly provisional declaration forms and officially carry them forward in the following year after preparing the annual tax finalization declaration.

Example 12: In 2013, Company A incurred a loss of 10 billion VND, and in 2014 had an income of 12 billion VND, so the entire loss of 10 billion VND from 2013 must be carried forward into the income for 2014.

Example 13: In 2013, Company B incurred a loss of 20 billion VND, and in 2014 had an income of 15 billion VND, then:

+ Company B must carry forward the entire loss of 15 billion VND into the income for 2014;

+ The remaining loss of 5 billion VND must be continuously monitored and carried forward as per the principle of loss carryforward of 2013 into subsequent years, but not exceeding 5 years from the year subsequent to the loss occurrence.

- Companies with losses between quarters within the same fiscal year may offset such losses against subsequent quarters of that fiscal year. When submission of tax declaration dossiers, companies determine the annual loss and carry forward said loss continuously into taxable income of subsequent years according to the stipulations mentioned.

- Companies self-determine deductible losses against income following the principles mentioned. If further losses occur during the carryforward period, these new losses (excluding leftover losses from the previous term) will also be carried forward entirely and continuously, not exceeding 5 years from the year subsequent to the loss occurrence.

In cases where a competent authority audits or inspects tax finalizations, and determines that the company's losses eligible for carryforward differ from the company's self-determination, then the transferable losses shall follow the conclusions of the auditing or inspecting body but must ensure continuous carryforward not exceeding 5 years from the year subsequent to the loss occurrence according to the provision.

Beyond the 5-year period from the year subsequent to the loss occurrence, if any losses remain untransferred, they cannot be carried into the income of subsequent years.

Note: Companies undergoing a transformation, merger, consolidation, division, separation, dissolution, or bankruptcy must finalize taxes with the tax authority as of the date of the decision to transform, merge, consolidate, divide, separate, dissolve, or declare bankruptcy by the competent authority (except for cases not required to finalize tax as per regulations).

+ Losses incurred by the company prior to transformation, merger, or consolidation must be closely tracked by the year of occurrence and offset against income for the same year of the post-transformation, post-merger, or post-consolidation company, or continued into income of subsequent years for the post-transformation, post-merger, or post-consolidation company to ensure that the loss carryforward is continuous and does not exceed 5 years from the year following the loss occurrence.

+ Losses incurred prior to division or separation into other companies, which are still within the period for carryforward according to regulations, will be allocated to the new companies following the division or separation according to the proportion of divided or separated capital ownership.

(According to Clause 3, Article 9 of Circular 78/2014/TT-BTC, amended by Article 7 of Circular 96/2015/TT-BTC)