Vietnam: When shall the export and import tax accounting period of February 2025 be closed?

Vietnam: When does the export and import tax accounting period of February 2025 end?

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

Export and Import Tax Accounting Period

1. The tax accounting period includes a monthly accounting period, an annual accounting period, and a reconciliation period.

2. The monthly accounting period is the time calculated from the 01st to the last day of the month. The annual accounting period is calculated from January 01 to December 31 of the calendar year.

3. The reconciliation period is the time from January 01 to January 31 of the following year, to account and adjust transactions permissible into the previous year's accounting books according to the State Budget Law, with adjustment documents related to the previous year being updated into December of the previous year.

In cases of State budget adjustment documents from the previous year arising after the customs authority has closed the previous year's accounting period, they are accounted for in the current year's accounting period.

4. Tax management transactions arising in any period must be recorded and accounted in the accounting books of that period. Cases requiring data adjustment found within the year related to the current year should be accounted for in the discovered period (month).

Based on the regulation that the monthly accounting period is calculated from the 01st to the last day of the month, the export and import tax accounting period of February 2025 ends on February 28, 2025.

Vietnam: When shall the export and import tax accounting period of February 2025 be closed?

According to Article 7 of Circular 174/2015/TT-BTC, closing the export and import tax accounting period is setting up in the export and import tax accounting system for an accounting period determined in the year so that users are not allowed to update data into the accounting system.

The time for closing the monthly accounting period is on the 12th of the following month, the annual accounting period is closed at 24h on February 10 of the following year. In cases where a quick report is required within the system, the end-of-day processing procedure must be followed. It is also required to close the tax accounting period during inventory checks or other cases as stipulated by law. The customs authority must ensure that all arising tax accounting documents are fully and accurately recorded in the accounting period.

Thus, the closing time for the export and import tax accounting period of February 2025 is March 12, 2025.

Note: After the closing time of the accounting period, if adjustment of tax accounting data is needed, it will be done according to the guidance of the General Director of the General Department of Customs.

When does the closing of the export and import tax accounting period of February 2025 occur? (Image from the Internet)

What are procedures for performing export and import tax accounting in Vietnam?

The task of performing export and import tax accounting is stipulated in Article 16 of Circular 174/2015/TT-BTC as follows:

(1) At the General Department of Customs:

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

- Summarize tax accounting reports for the entire sector, analyze report information to serve tax operation management requirements and other duties related to export and import goods;

- Research, assess the current state, and propose additions and amendments to export and import tax accounting content for approval by competent authorities;

- Other assigned tasks.

(2) At Customs Departments and equivalents:

- Organize accounting tasks at their unit to ensure assigned duties are performed according to tax, customs, and accounting law regulations. Guide, direct, and inspect compliance with tax accounting regulations at subordinate units under their management;

- Summarize reports, and analyze export and import accounting information under the unit by management requirements; compile and submit reports to superior agencies within the prescribed time.

- Research, assess the current state, and propose additions and amendments to export and import tax accounting content, and report to the General Department of Customs;

- If the Customs Department does not decentralize export and import tax accounting to Sub-departments, it must carry out the accounting of ungiven Sub-departments per the specific work stipulated in Clause 3 of this Article.

- Other assigned accounting tasks;

(3) At Sub-departments of Customs and equivalents:

- Check the validity of tax accounting documents and update them into the accounting system;

- Summarize tax amounts by declaration, based on adjustment notifications, write receipts, collect taxes and fees;

- Compile reports and submit them to the Customs Department within the stipulated timeframe; Propose necessary additions and amendments concerning export and import tax accounting and report them to the Customs Department.

- Organize accounting tasks at their unit to ensure the fulfillment of assigned tasks according to tax, customs, and accounting laws.