What are regulations on internal control of import-export tax accounting in Vietnam?.

What are regulations on internal control of import-export tax accounting in Vietnam?

According to Article 10 of Circular 174/2015/TT-BTC, the regulation on internal control of import-export tax accounting is as follows:

(1) Internal control of accounting involves the regular and continuous examination and review within the scope of an accounting unit to ensure the legality, accuracy, completeness, and promptness of form, content, and data of documents, books, and accounting reports. It also ensures the process of handling, bookkeeping, and approving in accordance with the procedures, contents, and competencies as prescribed within the same accounting unit.

(2) The content of internal control for import-export tax accounting includes:

- Control of original documents and accounting records for tax: the template of documents, legality of documents, completeness, clarity, truthfulness, and accuracy of information on documents, arrangement, and storage of accounting documents;

- Control of posting and account allocation in accounting: transactions in import-export tax accounting are correctly classified according to the nature of the arising transactions and correct accounting accounts;

- Recording in accounting books: timing of record entries, reconciliation of detailed accounts, voucher summaries, and general ledger; periodically balancing the accounting books according to the import-export tax accounting period;

- Control of tax accounting reports: completeness, accuracy, and promptness of accounting reports; storage of accounting reports; compilation, submission, and explanation of import-export tax accounting reports to the superior management agency and competent state agencies;

- Control of the organizational structure of the import-export tax accounting department: allocation of personnel within the accounting unit, execution of responsibilities and authority of staff assigned to perform accounting tasks.

(3) Responsibility for implementing internal control

- Personnel assigned accounting tasks are responsible for self-checking and reviewing during the execution of their assigned duties;

- The person in charge of import-export tax accounting is responsible for fully controlling all accounting aspects within the scope, function, and task of the import-export tax accounting department;

- The head of the accounting unit is responsible for controlling the import-export tax accounting content under their authority before approval and decision-making.

(4) If errors are detected during the internal control process of import-export tax accounting, they must be reported to the competent authority to promptly address them in accordance with current regulations.

What are regulations on internal control of import-export tax accounting in Vietnam?. (Image from the Internet)

When does the import-export tax accounting period for January 2025 start in Vietnam?

According to Clause 2, Article 7 of Circular 174/2015/TT-BTC, the regulation on the import-export tax accounting period is as follows:

Import-export tax accounting period

1. The tax accounting period includes the monthly period, annual period, and adjustment closure period.

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

3. The adjustment closure period is from January 01 to January 31 of the following year, to account and adjust transactions permitted to be recorded in the previous year's ledger according to the State Budget Law; adjustment documents related to the previous year are updated into December of the previous year.

If adjustments to the state budget from the previous year arise after the customs authority has closed the previous year's accounting period, they are recorded in the current year's accounting period.

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

Thus, the import-export tax accounting period for January 2025 begins on January 01, 2025.

What are the requirements for import-export tax accounting in Vietnam?

According to Article 5 of Circular 174/2015/TT-BTC, the requirements for import-export tax accounting are as follows:

- Fully reflecting all tax and other revenue transactions for exported and imported goods arising during the period into the accounting books and accounting reports.

- Reflecting information and accounting data on export-import taxes clearly, understandably, accurately, and within the stipulated time frame.

- Truthfully representing the current state, nature, content, and value of tax and other revenue transactions concerning exported and imported goods.

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

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