What is God of Wealth Day? What day is God of Wealth Day 2025? What is the deadline for tax payment in Vietnam for Q1 2025?
Vietnam: What is God of Wealth Day? What day is God of Wealth Day 2025?
God of Wealth Day is an important event in the spiritual life of Vietnamese and many East Asian cultures. This event takes place on the 10th day of the first lunar month of each year, intended to show respect and remembrance to Thần Tài (God of Wealth) - the deity believed to govern fortune and wealth in folklore. According to a folk legend, God of Wealth was originally a celestial deity responsible for managing money and wealth in heaven; he wandered the earth for several years due to an accident, and the 10th day of the first lunar month marks the day he returned to heaven. On this day, people perform worship rituals to seek blessings, to become prosperous and to have thriving businesses.
According to the Almanac for February 2025:
Accordingly, God of Wealth Day 2025 will fall on Friday, February 7, 2025 (Lunar calendar: January 10, 2025).
If one worships God of Wealth correctly on this day, homeowners, especially business people, will be blessed for a prosperous and successful new year. Furthermore, God of Wealth Day 2025 is not only an occasion for seeking fortune but also signifies connection and faith in fortunate events in life. This is also the time for individuals to evaluate their business goals and start the new year with an optimistic spirit, full of hope and positive energy.
Vietnam: What is God of Wealth Day? What day is God of Wealth Day 2025? (Image from the Internet)
What is the deadline for tax payment in Vietnam for Q1 2025?
Based on the provisions in point b, clause 1, Article 44 of the Law on Tax Administration 2019 regarding the deadline for tax declaration submission as follows:
Deadline for tax declaration submission
- The deadline for submitting tax declaration files for monthly and quarterly declarations is stipulated as follows:
a) No later than the 20th day of the following month for monthly declarations;
b) No later than the last day of the first month of the following quarter for quarterly declarations.
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Therefore, the deadline for tax payment for Q1 2025 will be the last day of the first month of Q2 2025, which is April 30, 2025.
Additionally, based on Article 86 of Circular 80/2021/TT-BTC, it stipulates as follows:
Deadline for tax declaration and tax payment
The deadline for submitting tax declarations follows the provisions in clauses 1, 2, 3, 4, 5, Article 44 of the Law on Tax Administration and Article 10 of Decree 126/2020/ND-CP. The deadline for tax payment follows the provisions in clauses 1, 2, 3, Article 55 of the Law on Tax Administration and Article 18 of Decree 126/2020/ND-CP. If the deadline for tax declaration submission or tax payment coincides with a holiday as prescribed, it will be moved to the next working day following the rules in the Civil Code.
Since April 30, 2025, and May 1, 2025, are holiday dates according to Notice 6150/TB-BLĐTBXH 2024 (holiday schedule from April 30 to May 1, 2025, for officials and public employees from April 30, 2025, to May 4, 2025, from Wednesday to Sunday totaling 5 consecutive days),
Therefore, the deadline for tax payment for Q1 2025 will be postponed to the next working day, which is May 5, 2025.
Note: For the electronic tax filing period, electronic tax payment, taxpayers are allowed to perform electronic tax transactions 24 hours a day (from 00:00:00 to 23:59:59) and 7 days a week, including holidays and Tet according to point a, clause 1, Article 8 of Circular 19/2021/TT-BTC.
What are the administrative penalties for late tax payment in Vietnam for Q1 2025?
Based on the provisions of Article 13 of Decree 125/2020/ND-CP, late tax payment for Q1 2025 will be fined as follows:
(1) Warning for late tax declaration submission from 01 to 05 days with mitigating factors.
(2) A fine of 2,000,000 VND to 5,000,000 VND for late tax declaration submission from 01 to 30 days, except as specified in Clause 1, Article 13 of Decree 125/2020/ND-CP.
(3) A fine of 5,000,000 VND to 8,000,000 VND for tax declaration submission exceeding the prescribed deadline from 31 to 60 days.
(4) A fine of 8,000,000 VND to 15,000,000 VND for any of the following violations:
- Tax declaration submission exceeding the deadline from 61 to 90 days;- Tax declaration submission exceeding the deadline of 91 days or more without tax payable;- No tax declaration submission without tax payable;- Not submitting appendices following tax management regulations for enterprises with affiliated transactions along with the corporate income tax finalization declaration.
(5) A fine of 15,000,000 VND to 25,000,000 VND for tax declaration submission over 90 days from the final deadline, with taxes accruing and the taxpayer having paid the full tax amount, late payment into the state budget before the tax authority announces a tax inspection decision, or before the tax authority makes a report on the late tax declaration as per clause 11, Article 143 of the Law on Tax Administration 2019.
Note: The fines mentioned above are applicable to organizations. The fine for individuals is half of that applied to organizations. For households, business households, the fine is similar to individuals.
Furthermore, based on the provision in clause 6, Article 13 of Decree 125/2020/ND-CP, remedies for late tax declaration submission include:
- Compelling the full payment of late tax into the state budget for violations specified in clauses 1, 2, 3, 4, and 5, Article 13 of Decree 125/2020/ND-CP if taxpayers' late tax declaration leads to late tax payment;
- Requiring submission of tax declarations, appendices, as specified in point c, d, clause 4, Article 13 of Decree 125/2020/ND-CP.
