What is tax statement? When is the deadline for tax statement submission in Vietnam?

What is tax statement in Vietnam?

Based on the provisions in Clause 10, Article 3 of the 2019 Law on Tax Administration, tax statement is the process of determining the tax amount payable for a tax year or the period from the beginning of the tax year until the cessation of activities that create tax obligations or from the occurrence of tax obligations until the cessation of such activities in accordance with the law.

What is tax statement? When is the deadline for tax statement submission in Vietnam? (Image from the Internet)

When is the deadline for tax statement preparation in Vietnam?

Based on Article 43 of the 2019 Law on Tax Administration regarding tax declaration dossiers as follows:

Tax Declaration Dossier

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 statement dossier at the end of the year includes the annual tax statement, annual financial statements, and transfer pricing declaration; other documents related to tax finalization.

4. The tax declaration dossier for taxes declared and paid upon each occurrence of tax obligation includes:

a) Tax declaration;

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

5. For exported and imported goods, the customs dossier in accordance with the Customs Law shall be used as the tax declaration dossier.

6. The tax declaration dossier for cases of ceasing operational activities, terminating contracts, changing business models, or reorganizing enterprises includes:

a) tax statement;

b) Financial statements up to the point of ceasing operational activities, terminating the contract, changing the business model, or reorganizing the enterprise;

c) Other documents related to tax finalization.

7. Country-by-country profit reports for cases where the taxpayer is the ultimate parent company of a group in Vietnam, having cross-border related transactions and consolidated global revenue beyond the prescribed level, or the taxpayer has an ultimate parent company overseas and the ultimate parent company is obligated to prepare a country-by-country profit report as per local regulations.

8. the Government of Vietnam provides detailed regulations on tax declaration dossiers specified in this Article; stipulating the taxes to be declared monthly, quarterly, annually, upon each occurrence of tax obligation, tax statement; declarations for fees, charges collected by diplomatic representatives of the Socialist Republic of Vietnam abroad; declaration, provision, exchange, use of information for country-by-country profit reports; criteria for determining taxpayers for quarterly tax declarations.

There will be 02 cases requiring the submission of a tax statement:

- tax statement at the end of the year;

- Tax declaration in cases of ceasing operational activities, terminating contracts, changing business models, organizing a reorganization of the enterprise.

What are the responsibilities of tax authorities in receiving tax statement dossiers in Vietnam?

The responsibilities of tax authorities in receiving tax statement dossiers are stipulated in Article 48 of the 2019 Law on Tax Administration as follows:

- tax authorities receive tax statement dossiers from taxpayers through the following methods:

+ Directly at the tax administration agency;

+ Via postal service;

+ Electronically through the electronic transaction portal of the tax administration agency.

- tax authorities receiving tax statement dossiers must notify about the receipt of such dossiers; if the dossier is illegal, incomplete, or not in the specified format, they must inform the taxpayer within 03 working days from the date of receipt of the dossier.

What is the deadline for submitting a tax statement dossier in Vietnam?

Based on Article 44 of the 2019 Law on Tax Administration, the deadline for submitting a tax statement dossier is specified as follows:

- The deadline for submitting a tax declaration dossier for taxes with an annual tax period is stipulated as follows:

+ No later than the last day of the 3rd month following the end of the calendar year or fiscal year for the annual tax finalization dossier;

+ No later than the last day of the 4th month following the end of the calendar year for the personal income tax finalization dossier of individuals directly finalizing tax;

- The deadline for submitting a tax statement dossier in cases of ceasing operational activities, terminating contracts, or reorganizing enterprises is no later than the 45th day from the date of the event occurrence.