Vietnam: When does the accounting year for export and import tax for 2024 end?

When does the accounting period for export and import tax in Vietnam for the year 2024 end?

Based on Clause 2, Article 7 of Circular 174/2015/TT-BTC which regulates the accounting period for export and import tax as follows:

Accounting Period for Export and Import Tax

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2. The monthly accounting period is the period calculated from the 1st day to the last day of the month. The annual accounting period is the period calculated from January 1 to December 31 of the calendar year.

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Therefore, the accounting year for export and import tax for 2024 will be calculated according to the calendar year and will end on December 31, 2024.

Vietnam: When does the accounting year for export and import tax for 2024 end? (Image from Internet)

When is the closing time for the accounting period of export and import tax for 2024?

Based on Article 8 of Circular 174/2015/TT-BTC which regulates the opening and closing of the accounting period for export and import tax as follows:

Opening and Closing of the Accounting Period for Export and Import Tax

1. Opening the accounting period for export and import tax is the establishment on the export and import tax accounting system for a defined accounting period in the year, allowing data to be updated into the accounting system according to permissions.

2. Closing the accounting period for export and import tax is the establishment on the export and import tax accounting system for a defined accounting period in the year to prevent users from updating data into the accounting system.

The closing time for the monthly accounting period is the 12th of the following month, the annual accounting period is closed at 24:00 on February 10 of the following year. In cases where a quick report needs to be compiled within the system, it must be done according to the end-of-day processing procedure. Additionally, the tax accounting period must be closed in instances of audits or other cases as stipulated by law. Customs agencies must ensure that all arising tax accounting documents are fully and accurately accounted for within the accounting period.

3. After the accounting period closure, if there is a need to adjust tax accounting figures, it shall follow the instructions of the Director General of the General Department of Customs.

Therefore, the closing time for the accounting period for export and import tax for 2024 is 24:00 on February 10, 2025.

Note: The competent authority can close the tax accounting period during audits or other cases as stipulated by law.

What are regulations on the tasks of executing export and import tax accounting in Vietnam?

Based on Article 16 of Circular 174/2015/TT-BTC which regulates the tasks of executing export and import tax accounting as follows:

- At the General Department of Customs:

+ Guide, direct, and check compliance with regulations on export and import tax accounting in accounting departments throughout the Customs sector;

+ Compile tax accounting reports for the entire sector, analyze the report information to serve the requirements of tax operations management and other revenues for exported and imported goods;

+ Research, evaluate the current status, propose necessary content for amendments or supplements regarding export and import tax accounting for approval by competent authorities;

+ Other assigned tasks.

- At Customs Departments and equivalents:

+ Organize accounting operations at their units to ensure the execution of assigned tasks according to laws on taxes, customs, and accounting. Guide, direct, and inspect compliance with export and import tax accounting regulations at basic units under their management;

+ Compile reports, analyze export and import accounting information of the unit according to management requirements; prepare and submit reports to the superior authority timely as stipulated.

+ Research, evaluate the current status, propose necessary content for amendments or supplements regarding export and import tax accounting, and report to the General Department of Customs;

+ If the Customs Department does not delegate export and import tax accounting tasks to the Sub-departments, the Customs Department must carry out the accounting tasks for the Sub-departments that have not been delegated, specific tasks as stipulated in Clause 3 of this Article.

+ Other assigned accounting tasks.

- At Customs Sub-departments and equivalents:

+ Check the validity of export and import tax accounting documents and update them into the accounting system;

+ Perform the compilation of tax amounts according to declarations, adjustment notices, write receipts, collect taxes, and fees;

+ Prepare and submit reports to the Customs Department timely as stipulated; Propose necessary content for amendments or supplements regarding export and import tax accounting and report to the Customs Department.

+ Organize accounting operations at their units to ensure the execution of assigned tasks according to the laws on taxes, customs, and accounting.