What is the currency used in the domestic revenue report of the tax authority in Vietnam?

What is the currency used in the domestic revenue report of the tax authority in Vietnam?

Based on the provisions of Article 3 of the Domestic Revenue Reporting Regime issued by the General Director of the General Department of Taxation under Decision 269/QD-TCT of 2024, the currency used in the domestic revenue report is Vietnamese Dong.

What must the tax authority do before preparing the domestic revenue report in Vietnam?

Pursuant to Article 8 of the Domestic Revenue Reporting Regime issued by the General Director of the General Department of Taxation under Decision 269/QD-TCT of 2024 regarding the preparation of the domestic revenue report as follows:

Preparation of the domestic revenue report

1. Before preparing the domestic revenue report, the Tax authority must check, review all payment documents for the State Budget arising in the period, fully record them in the application system, and concurrently cooperate with the related State Treasury to check, review, adjust the data of revenue, payments to the State Budget as prescribed, ensuring the data matches correctly with the State Treasury.

For Provincial Tax Departments with revenue arising from the local Tax Department and the Large Enterprise Tax Department under their management, the local Tax Department takes the lead, and the Large Enterprise Tax Department coordinates, based on the domestic revenue report by territory, the State Budget revenue report of the State Treasury, and payment documents to check, reconcile the entire State Budget payments of taxpayers managed by the Large Enterprise Tax Department incurred in the area, ensuring the local domestic revenue matches the data of the State Treasury.

2. The Tax Department, Tax Subdepartment, Regional Tax Subdepartment, and Large Enterprise Tax Department are responsible for preparing, aggregating, and approving reports on the taxation sector's application system within the time limit specified in Article 4 of this Decision.

3. The superior Tax Authority consolidates approved reports from subordinate Tax Authorities: The Tax Department consolidates local domestic revenue reports from Tax Subdepartments, Regional Tax Subdepartments within the province. The General Department of Taxation consolidates domestic revenue reports from Tax Departments nationwide.

4. Timing for preparing, approving, and forms of sending domestic revenue reports:

- Quick report: The Tax Authority prepares, aggregates, and uses according to the management needs of the unit.

- Monthly domestic revenue report: The Tax Authority prepares, aggregates, and approves the monthly report by the 10th of the following month at the latest. The Tax Department aggregates the entire provincial report by the 12th of the following month at the latest. Reports are stored in electronic data format at the unit.

- Annual domestic revenue report: The Tax Authority prepares, aggregates, and approves the annual report by the 20th after the closing date of the fiscal year at the latest. The Tax Department aggregates the entire provincial report by the 25th after the closing date of the fiscal year at the latest. Reports are stored in electronic data and paper format at the unit.

5. The Tax Authority provides domestic revenue reports as requested by the competent authority in accordance with regulations.

Therefore, before preparing the domestic revenue report, the Tax authority checks, reviews all payment documents for the State Budget arising in the period, fully records them in the application system, and cooperates with the related State Treasury to check, review, adjust the data of revenue, payments to the State Budget as prescribed, ensuring the data matches correctly with the State Treasury.

For Provincial Tax Departments with revenue arising from the local Tax Department and the Large Enterprise Tax Department under their management, the local Tax Department takes the lead, and the Large Enterprise Tax Department coordinates, based on the domestic revenue report by territory, the State Budget revenue report of the State Treasury, and payment documents to check, reconcile the entire State Budget payments of taxpayers managed by the Large Enterprise Tax Department incurred in the area, ensuring the local domestic revenue matches the data of the State Treasury.

What is the currency used in the domestic revenue report of the tax authority in Vietnam? (Image from the Internet)

How should the domestic revenue report of the tax authority be prepared in Vietnam?

According to Article 4 of the Domestic Revenue Reporting Regime issued by the General Director of the General Department of Taxation under Decision 269/QD-TCT of 2024 regarding the requirements for domestic revenue reports as follows:

- The domestic revenue report must be prepared according to the prescribed template in this Decision, and the indicators in the domestic revenue report must fully and accurately reflect tax revenues and other revenue items belonging to the State Budget managed by the Tax authority and other State Budget revenues not managed by the Tax authority arising in the area. Aggregate indicators on the domestic revenue report must ensure consistency with related regulations on aggregating State Budget revenues.

- The data in the report must accurately and fully reflect domestic revenue arising according to the reporting period and ensure that it matches the data of the State Treasury regarding totals and details according to the State Budget revenue classification.

- The Tax authority is responsible for finalizing data preparation, preparing, aggregating, and approving reports within the deadlines prescribed in this Decision. If the deadline for finalizing data preparation, the deadline for preparing, aggregating, and approving reports coincides with a prescribed holiday, the deadline shall be the next working day following the holiday.