What information is included in domestic tax accounting documents in Vietnam?

What information is included in domestic tax accounting documents in Vietnam?

Based on Clause 1, Article 9 of Circular 111/2021/TT-BTC, domestic tax accounting documents include:

(1) Input information of tax accounting,

(2) Tax accounting vouchers,

(3) Tax accounting books,

(4) Tax accounting reports,

(5) Other documents related to tax accounting work presented in the form of electronic data stored in accordance with legal regulations on accounting.

Input data before being collected into the Tax Accounting Subsystem is stored on the taxpayer obligation management subsystem and the tax management business subsystems under the Tax Management Application System as regulated by the Director General of the General Department of Taxation.

The General Department of Taxation is responsible for ensuring accessible storage to trace the source of tax accounting input information.

What information is included in domestic tax accounting documents in Vietnam? (Image from the Internet)

How to determine the tax accounting period in Vietnam?

Based on Article 8 of Circular 111/2021/TT-BTC regulating the tax accounting period as follows:

Tax Accounting Period

1. The tax accounting period is determined by the calendar year, referred to as the accounting year, which includes 4 characters, specifically:

a) The tax accounting period is calculated from the beginning of January 1 to the end of December 31 of the calendar year.

b) The first tax accounting period for a newly established tax accounting unit is determined from the effective date of the new establishment, division, separation, consolidation, or merger decision to the end of December 31 of the calendar year.

c) The final tax accounting period of a tax accounting unit when being divided, separated, consolidated, merged, or dissolved is calculated from the beginning of January 1 of the calendar year to the day before the effective date of the decision of division, separation, consolidation, merger, or dissolution of the tax accounting unit.

d) The duration of the first and last tax accounting periods follows the guidance of the Law on Accounting and its implementing documents.

2. Principles of bookkeeping by period

a) The bookkeeping date for tax accounting is determined as the date of entry into the tax accounting ledger of the Tax Accounting Subsystem.

b) The date of collecting tax accounting input information must ensure the principle of being done on the day the tax management operation arises or at the latest on the next working day. Except for regulated holidays, the information collection date is the working day following the holiday.

c) In case of adjustments to tax management operations recorded in the tax accounting period of the previous year during the tax accounting report preparation period, if done before the tax period closing date, it can be adjusted in the previous year's tax accounting period and determined by the accounting year information stipulated in Clause 1 of this Article.

d) After the tax accounting period closing date, adjustments to data of the previous year's tax accounting period are only allowed upon request by a competent state agency and in accordance with Clauses 3, 4 of Article 27 and Clauses 2, 3 of Article 30 of this Circular.

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The tax accounting period is determined by the calendar year, referred to as the accounting year, which comprises 4 characters. Specifically:

- The tax accounting period is calculated from the beginning of January 1 to the end of December 31 of the calendar year.

- The first tax accounting period for a newly established tax accounting unit is determined from the effective date of the new establishment, division, separation, consolidation, or merger decision to the end of December 31 of the calendar year.

- The final tax accounting period of a tax accounting unit when being divided, separated, consolidated, merged, or dissolved is calculated from the beginning of January 1 of the calendar year to the day before the effective date of the decision of division, separation, consolidation, merger, or dissolution of the tax accounting unit.

- The duration of the first and final tax accounting period follows the guidance of the 2015 Law on Accounting and its implementing documents.

What information and documents are provided by tax accounting in Vietnam?

The information and documents provided by tax accounting are stipulated in Clause 2, Article 9 of Circular 111/2021/TT-BTC as follows:

Storage and provision of accounting information and documents

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2. Provision of tax accounting information and documents

a) The provision of accounting information and documents is carried out in accordance with the law on accounting and tax management law.

b) The information and documents provided by tax accounting include receivables, received amounts, remaining receivables, payables, paid amounts, remaining payables, exemptions, reductions, debt suspension, debt cancellation managed by the tax authority, and other relevant information as shown in the indicators of the tax accounting report prescribed in this Circular.

Thus, according to regulations, the information and documents provided by tax accounting include receivables, received amounts, outstanding receivables, payables, paid amounts, outstanding payables, exemptions, reductions, debt suspension, and debt write-offs managed by the tax authority, as well as other relevant information as shown in the indicators of the tax accounting report prescribed in Circular 111/2021/TT-BTC.