What are regulations on duty to implement the import and export tax accounting at the Departments of Customs in Vietnam?

What are regulations on duty to implement the import and export tax accounting at the Departments of Customs in Vietnam?

Based on Article 16 of Circular 174/2015/TT-BTC which stipulates the duties for conducting export-import tax accounting at the Departments of Customs in Vietnam and its equivalents as follows:

(1) Organize accounting activities in their units to ensure the fulfillment of duties assigned in accordance with tax, customs, and accounting laws. Guide, direct, and inspect the compliance with regulations on export-import tax accounting at subordinate units under their management;

(2) Compile reports and analyze accounting information for export-import at the unit as required by management; prepare and submit reports to higher authorities within the prescribed deadlines.

(3) Research, evaluate the current situation, propose necessary supplementations and amendments regarding export-import tax accounting, and report to the General Department of Customs;

(4) In cases where the Departments of Customs in Vietnam does not delegate the duty of export-import tax accounting to the Sub-departments, the Departments of Customs in Vietnam must carry out accounting work for those Sub-departments that have not been delegated, with specific work as stipulated in Clause 3, Article 16 Circular 174/2015/TT-BTC.

What are regulations on duty to implement the import and export tax accounting at the Departments of Customs in Vietnam? (Image from the Internet)

What are the requirements for export-import tax accounting at the Departments of Customs in Vietnam?

Based on Article 5 of Circular 174/2015/TT-BTC which stipulates the requirements for export-import tax accounting as follows:

- Reflect comprehensively the tax transactions and other charges related to exported-imported goods arising during the period into the accounting records and reports.

- Present information and data on export-import tax accounting clearly, understandably, accurately, and within the stipulated time.

- Truthfully reflect the state, nature, content, and value of the tax transactions and other charges on exported-imported goods.

- Information and data on export-import tax accounting must be continuously reflected; the accounting data for this period must succeed the data from the previous period.

- Information and data on export-import tax accounting must be classified, arranged systematically, and aligned with tax management criteria.

What are principles for export-import tax accounting at the General Department of Customs in Vietnam?

Based on Article 15 of Circular 174/2015/TT-BTC which stipulates the organization of accounting machinery as follows:

Organization of the Accounting Machinery

1. Export-import tax accounting at the General Department of Customs is conducted based on the principle of sector-wide aggregation by compiling reports from accounting divisions at local units.

2. The Director General of the General Department of Customs and heads of customs authorities (at Department, Sub-department, or equivalent levels) are responsible for organizing and directing the execution of export-import tax accounting in their units, by arranging departments responsible for export-import tax accounting appropriate to the unit's conditions, ensuring the complete execution of accounting and report aggregation according to regulations. The arrangement of accounting personnel must comply with the current legal regulations on accounting.

Thus, export-import tax accounting at the General Department of Customs is conducted based on the principle of sector-wide aggregation by compiling reports from accounting divisions at local units.

What are the units of measurement, written language, numerals, and rounding methods in export-import tax accounting in Vietnam?

Based on Article 6 of Circular 174/2015/TT-BTC which stipulates the units of measurement, written language, numerals, and rounding methods in export-import tax accounting as follows:

(1) Units of measurement, written language, and numerals in export-import tax accounting are implemented according to the regulations of accounting law.

(2) Economic transactions arising in foreign currencies must be followed in original currency and converted into Vietnamese Dong at the exchange rate prescribed by tax law for export-import goods to record in the accounting books.

In case taxpayers pay in foreign currencies, the conversion rate for the foreign currency paid is based on the monthly foreign currency accounting rate published by the Ministry of Finance at the time the State Treasury records the budget revenue.

(3) When preparing financial statements or publicizing financial statements using abbreviated currency units, the accounting unit can round numbers as follows:

- For Vietnamese Dong: If the digit after the abbreviated currency unit is five (5) or more, increase by one (1) unit; if less than five (5), do not count it.

- For foreign currencies: If the third decimal place (thousandth place) is five (5) or more, increase by one percent (1%) unit; if less than five (5), do not count it.

(4) In case of foreign currency exchange rate conversion, for the amount in Vietnamese Dong already converted, the rounding method is also implemented as regulated in (3).