What is an import and export accounting book in Vietnam?

What is an import and export accounting book in Vietnam?

Based on the provisions of Clause 1, Article 54 of Circular 174/2015/TT-BTC, the import and export accounting book is understood to be a type of data established within accounting software and the import-export tax accounting system.

Vietnam: What is the import and export accounting book used for?

Based on the provisions of Article 54 of Circular 174/2015/TT-BTC (amended by Clause 17, Article 1 of Circular 112/2018/TT-BTC) regarding the import and export accounting book as follows:

import and export accounting book

1. The import and export accounting book is a type of data established within accounting software and the import-export tax accounting system.

2. The accounting book is used to record, reflect, and systematically store all economic and financial transactions that have arisen related to taxes and other revenues for imported and exported goods; to monitor and manage the fulfillment of taxpayers' obligations and the payment status with the state budget by the customs authorities at different levels.

3. The information on the accounting book must ensure accurate, prompt, truthful, continuous, and systematic reflection of all tax and other revenue activities for imported and exported goods within each unit and the entire customs system. The accounting department of the customs unit should not keep any taxes, fees, or charges, whether receivable, received, or still to be received from taxpayers, outside the accounting book.

4. The accounting book stored on electronic means in the import-export tax accounting system must comply with the provisions of Article 26 of the Accounting Law and Decree No. 174/2016/ND-CP dated December 30, 2016, of the Government of Vietnam.

When requested by competent authorities for inspection, auditing, supervision, or audit purposes as stipulated, the accounting unit must print the accounting documents stored on electronic means, affirm them with the signature of the legal representative or chief accountant (in charge of accounting) and affix the seal (if any) to provide within the required timeframe by the competent authorities.

As such, the import and export accounting book is used to record, reflect, and systematically store all economic and financial transactions that have arisen related to taxes and other revenues for imported and exported goods; to monitor and manage the fulfillment of taxpayers' obligations and the payment status with the state budget by the customs authorities at different levels.

What is an import and export accounting book in Vietnam? (Image from the Internet)

What are regulations on recording import and export accounting book in Vietnam?

The recording of the import and export accounting book is stipulated in Article 56 of Circular 174/2015/TT-BTC as follows:

Opening, Recording, and Closing the import and export accounting book

1. The import and export accounting book must be opened at the beginning of the accounting year; for newly established accounting units, the accounting book must be opened from the date of establishment.

2. The accounting unit must base its records on accounting vouchers. The accounting book must be recorded promptly, clearly, and fully according to the contents of each accounting book. The information and data reflected on the accounting book must be accurate, truthful, and in accordance with the accounting vouchers.

3. The accounting book is recorded sequentially according to the time of occurrence of transactions. The updating and recording in the accounting book and the import-export tax accounting database must be based on the accounting vouchers as stipulated, and must be checked to ensure the accuracy of the transactions. Recording information in the accounting book without proof from accounting vouchers is strictly prohibited. Those responsible for updating data into the import-export tax accounting system must ensure the accuracy of the information updated, reflecting fully, promptly, accurately, truthfully, continuously, and systematically all transactions related to tax management and other revenues for imported and exported goods.

4. The accounting unit must close the accounting book at the end of the monthly and yearly accounting period before preparing financial reports.

5. In addition to the above cases, accounting units must also open and close the accounting book in other cases as stipulated by accounting law.

As such, the import and export accounting book is recorded sequentially according to the occurrence of transactions.

The updating and recording in the accounting book and the import-export tax accounting database must be based on accounting vouchers as stipulated, and must be checked to ensure the accuracy of the transactions. Recording information in the accounting book without proof from accounting vouchers is strictly prohibited.

Additionally, those responsible for updating data into the import-export tax accounting system must ensure the accuracy of the information updated, reflecting fully, promptly, accurately, truthfully, continuously, and systematically all transactions related to tax management and other revenues for imported and exported goods.