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

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

Pursuant to Article 16 of Circular 174/2015/TT-BTC, the duties to implement the import and export tax accounting at units are regulated as follows:

(1) At the General Department of Customs

- Instruct, direct, and inspect the adherence to regulations on export and import tax accounting in accounting departments across the entire Customs sector;

- Compile export and import tax accounting reports for the entire sector, analyze report information to serve the requirements of tax and other revenue-related management concerning export and import goods;

- Research, evaluate the current situation, propose content needing supplementation and amendment on export-import tax accounting for approval by competent authorities;

- Other tasks as assigned.

(2) At Customs Departments and equivalent

- Organize accounting tasks at their own units to ensure the fulfillment of assigned duties per the tax, customs, and accounting laws. Guide, direct, and inspect compliance with regulations on export and import tax accounting at subordinate units managed by the department;

- Compile reports and analyze export and import accounting information from the units in accordance with management needs; prepare and submit reports to superior agencies within the stipulated deadline.

- Research, evaluate the current situation, propose content needing supplementation and amendment on export-import tax accounting and report to the General Department of Customs;

- In cases where the Customs Department does not delegate the export-import tax accounting tasks to Sub-Departments, the Customs Department must perform the accounting work of the undelegated Sub-Departments in accordance to the specific tasks regulated in (3).

- Other assigned accounting duties;

(3) At Customs Sub-Departments and equivalent

- Verify the validity of export and import tax accounting documents and update them into the accounting system;

- Aggregate taxes per declaration, per notice of adjustment, issue receipts, collect taxes and fees;

- Prepare reports and submit them to the Customs Department in a timely manner; propose content needing supplementation and amendment on export-import tax accounting and report to the Customs Department.

- Organize accounting tasks at their unit to ensure performing the assigned duties per the tax, customs, and accounting laws.

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

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

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

- Fully reflect all tax and other revenue-related transactions concerning export and import goods arising during the period in accounting books and reports.

- Reflect export and import tax accounting information and data clearly, understandably, accurately, and promptly according to stipulated timelines.

- Truthfully reflect the condition, nature, content, and value of tax and other revenue-related transactions concerning export and import goods.

- The information and data of export-import tax accounting must be continuously reflected; data accounting for the current period must follow the data of the previous period.

- The information and data of export-import tax accounting must be classified, arranged systematically, in accordance with tax management indicators.

- Control the organization of the customs tax accounting apparatus: assign personnel within the accounting unit; monitor the implementation of responsibilities and authority by personnel charged with accounting tasks.

When are the opening and closing periods for import and export tax accounting in Vietnam?

Pursuant to Article 8 of Circular 174/2015/TT-BTC, regulations regarding the opening and closing periods for import and export tax accounting are as follows:

- The opening of an accounting period for export and import tax is the establishment on the tax accounting system for a designated accounting period in the year to allow data updates into the accounting system following authorization.

- The closing of an accounting period for export and import tax is the establishment on the accounting system for a designated period in the year to prevent any further data updates into the accounting system by users.

The closing time for the monthly accounting period is the 12th of the following month, while the yearly accounting period closes at 24:00 on February 10 of the subsequent year.

In cases requiring quick report creation in the system, the end-of-day processing procedure must be strictly followed. Additionally, closing the tax accounting period must be conducted during inventory checks or other cases as regulated by the law.

Customs agencies must ensure that all arising tax accounting documents are fully and accurately accounted for within the accounting period.

- After the accounting period closes, if there is a need to adjust tax accounting data, it must be done following the guidance of the Director General of the General Department of Customs.