What documents are required for tax declaration in case of business conversion in Vietnam?

What documents are required for tax declaration in case of business conversion in Vietnam?

According to Article 43 of the Law on Tax Administration 2019, the regulation is as follows:

Tax declaration dossiers

1. The tax declaration dossier for taxes declared and paid monthly is the monthly tax declaration.

2. The tax declaration dossier for taxes declared and paid quarterly is the quarterly tax declaration.

3. The tax declaration dossier for taxes calculated annually includes:

a) The annual tax declaration dossier includes the annual tax declaration and other documents related to determining the tax amount payable;

b) The tax finalization declaration dossier at the end of the year includes the annual tax finalization declaration, annual financial statements, transfer pricing declarations; other documents related to tax finalization.

4. The tax declaration dossier for taxes declared and paid on each occurrence of a tax liability includes:

a) Tax declaration;

b) Invoices, contracts, and other documents related to the tax liability as per legal regulations.

5. For exported and imported goods, the customs dossier as prescribed by the Law on Customs is used as the tax declaration dossier.

6. The tax declaration dossier in cases of termination of activities, termination of contracts, business conversion, or reorganization of the enterprise includes:

a) Tax finalization declaration;

b) Financial statements up to the point of termination of activities, termination of contracts, or business conversion or reorganization of the enterprise;

c) Other documents related to tax finalization.

7. Cross-border profit report in the case where the taxpayer is the ultimate parent company of a group in Vietnam with cross-border related-party transactions and having global consolidated revenue exceeding the specified threshold or the taxpayer has the ultimate parent company abroad, which is required to prepare a cross-border profit report under the laws of the host country.

8. The Government of Vietnam specifies in detail the tax declaration dossiers stated in this Article; specifies taxes declared monthly, quarterly, annually, on each occurrence of a tax liability, tax finalization; declares fees and charges collected by representative agencies of the Socialist Republic of Vietnam abroad; declares, provides, exchanges, and uses information for cross-border profit reports; criteria to identify taxpayers declaring tax quarterly.

Thus, the tax declaration dossier in case of business conversion includes:

- Tax finalization declaration;

- Financial statements up to the conversion point of the business type;

- Other documents related to tax finalization.

What documents are required for tax declaration in case of business conversion in Vietnam? (Image from the Internet)

Vietnam: How many days may the deadline for tax declaration submission be extended?

According to the regulations in Article 46 of the Law on Tax Administration 2019, on the extension of tax declaration submission:

Extension of tax declaration submission

1. Taxpayers unable to submit tax declarations on time due to natural disasters, catastrophes, epidemics, fires, unexpected accidents are granted an extension by the head of the directly managing tax office.

2. The extension period does not exceed 30 days for monthly tax declaration submissions, quarterly tax declarations, annual tax declarations, tax declarations on each occurrence of a tax liability; 60 days for the submission of tax finalization declarations from the due date of submission.

3. Taxpayers must send to the tax office a written request for extension of tax declaration submission before the due date, stating the reason for the extension, confirmed by the People's Committee at the commune level or the commune-level police where the case for extension arises as stipulated in clause 1 of this Article.

4. Within 03 working days from the receipt of the written request for an extension of tax declaration submission, the tax office must respond in writing to the taxpayer about the acceptance or non-acceptance of the extension.

Thus, taxpayers are granted an extension for tax declaration submission in case they are unable to submit tax declarations on time due to natural disasters, catastrophes, epidemics, fires, or unexpected accidents, and the head of the directly managing tax office grants the extension.

Note: The extension period is not more than 30 days for the submission of monthly tax declarations, quarterly tax declarations, annual tax declarations, tax declarations on each occurrence of tax liability; 60 days for submission of tax finalization declarations from the due date of submission.

How to supplement incorrect tax declarations in Vietnam?

According to Article 47 of the Law on Tax Administration 2019, the regulation is as follows:

Supplementing tax declarations

1. Taxpayers who discover errors or omissions in the tax declarations submitted to the tax office may supplement the tax declarations within 10 years from the due date of submission of the tax period with errors or omissions but before the tax office or competent authority announces a decision on inspection or audit.

2. When the tax office or competent authorities have announced a decision on tax inspection or audit at the taxpayer’s office, the taxpayer may still supplement the tax declarations; the tax office imposes administrative penalties for tax administration violations as stipulated in Articles 142 and 143 of this Law.

3. After the tax office or competent authority has issued conclusions or decisions on handling tax after inspection or audit at the taxpayer’s office, the supplementation of tax declarations is regulated as follows:

a) Taxpayers may supplement tax declarations in cases that increase the tax payable, decrease the tax deductible, or decrease the tax exempted, reduced, or refunded and are subject to administrative penalties for tax administration violations as stipulated in Articles 142 and 143 of this Law;

b) In cases where taxpayers discover errors or omissions in tax declarations, if supplementing the declarations results in reduced tax payable or increased tax deductible, increased tax exempted, reduced, or refunded, it is handled following the regulations on tax complaint resolution.

4. The supplementation dossiers for tax declarations include:

a) Supplementary declaration forms;

b) Explanation for the supplementary declaration and related documents.

5. For exported and imported goods, the supplementary declarations are carried out under the customs law.

Thus, when discovering errors or omissions in the tax declarations submitted to the tax office, within 10 years from the due date of submission of the tax period with errors or omissions but before the tax office or competent authority announces a decision on inspection or audit, taxpayers may supplement the declarations.