Vietnam: When does the import-export duty accounting period for February 2025 start and end?

Vietnam: When does the import-export duty accounting period for February 2025 start and end?

The accounting period for export and import duties is defined according to Article 7 of Circular 174/2015/TT-BTC, as follows:

Export and Import duty Accounting Period

1. The accounting period for duties includes monthly accounting periods, annual accounting periods, and year-end adjustment periods.

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

3. The year-end adjustment period starts from January 1 to the end of January 31 of the following year, to account and adjust operations allowed to be recorded in the previous year's accounting books according to the State Budget Law, and adjustment documents related to the previous year are updated with data in December of the previous year.

In case budgetary adjustment documents from the previous year arise after the customs authority has closed the previous year's accounting period, they shall be recorded in the current accounting year.

4. duty management transactions arising in any period must be recorded and accounted for in the books of that period. In cases where data adjustment requirements arise during the year related to the current year, adjustments are accounted for in the period (month) of detection.

According to the above regulations, the import-export duty accounting period for February 2025, based on the calendar year, begins on February 1, 2025, and ends on February 28, 2025.

Vietnam: When does the import-export duty accounting period for February 2025 start and end? (Image from the Internet)

Vietnam: When is the closing date for the import-export duty accounting period of February 2025?

Based on Clause 2, Article 8 of Circular 174/2015/TT-BTC, the closing of the export and import duty accounting period is the configuration in the export and import duty accounting system for a defined accounting period in the year, preventing users from updating data into the accounting system.

The closing date for a monthly accounting period is the 12th of the following month, and the closing date for the annual accounting period is 24:00 on February 10 of the following year. In cases requiring a quick report in the system, it must follow the end-of-day processing procedure. Additionally, closing the duty accounting period must be performed in cases of inventory or other situations as prescribed by law. Customs authorities must ensure all duty accounting transactions are fully and accurately accounted for in the accounting period.

Thus, the closing date for the import-export duty accounting period for February 2025 is March 12, 2025.

After the closing date for the import-export duty accounting period of February 2025, if accounting data adjustments are needed, it should be done following the guidance of the Director General of the General Department of Customs.

Is it necessary to issue a document for correcting errors in the import-export duty accounting books in Vietnam?

According to Article 57 of Circular 174/2015/TT-BTC on the correction of accounting books as follows:

Correction of Accounting Books

1. All corrections of errors in the accounting books in the export and import duty accounting system must issue error correction documents and must be approved by the unit head and chief accountant/accounting officer;

2. The timing of correction and data adjustment is at the present time when the error is detected and must be specifically recorded. Corrections of accounting records relating to the previous year's accounting books must comply with this Circular's Article 7.

3. Corrections of accounting books under the cases mentioned in this article can be implemented through these methods:

a) Negative entry: Prepare journal voucher entering the error as a negative number (-), then re-enter the correct number;

b) Additional entry: Prepare an additional journal voucher to enter the deficit for the sufficient amount.

4. If the error is detected before submitting the annual financial report to the competent authority, it may be corrected in the accounting books of that year. The accounting entity must re-prepare the financial report to update the adjusted error before submitting it to the competent authority. If the error is detected after submitting the annual financial report to the competent authority, it may be corrected in the books of the year the error is discovered.

According to the regulations, all cases of error correction in accounting book entries on the export and import duty accounting system must issue error correction documents approved by the unit head and chief accountant/accounting officer.

Thus, when making corrections to errors in the import-export duty accounting books, it is mandatory to issue error correction documents and obtain approval from the unit head and chief accountant/accounting officer.