What is the deadline for submitting value-added tax return for the tax period of August 2024 in Vietnam?

When shall taxpayers in Vietnam not eligible to declare VAT monthly?

Based on Clause 1, Article 8 of Decree 126/2020/ND-CP:

Types of taxes declared monthly, quarterly, annually, on each occasion of tax liability, and final tax settlement

1. Types of taxes and other revenue sources belonging to the state budget managed by the tax authority are to be declared monthly, including:

a) Value-added tax, personal income tax. In case the taxpayer meets the criteria specified in Article 9 of this Decree, they may choose to declare quarterly.

b) Special consumption tax.

c) Environmental protection tax.

d) Resource tax, excluding the resource tax specified in Point e of this Clause.

...

Value-added tax is a type of tax that organizations and individuals file monthly. However, if the taxpayer meets the conditions to file quarterly, they may choose either monthly or quarterly filing.

What is the deadline for submitting value-added tax return for the tax period of August 2024 in Vietnam?

According to the provisions of Article 8 of Decree 126/2020/ND-CP on types of taxes declared monthly, quarterly, annually, on each occasion of tax liability, and final tax settlement:

Types of taxes declared monthly, quarterly, annually, on each occasion of tax liability, and final tax settlement

1. Types of taxes and other revenue sources belonging to the state budget managed by the tax authority are to be declared monthly, including:

a) Value-added tax, personal income tax. In case the taxpayer meets the criteria specified in Article 9 of this Decree, they may choose to declare quarterly.

....

According to the provisions of Article 44 of the Tax Administration Law 2019, the deadline for submitting tax returns is stipulated as follows:

Deadline for Submitting Tax Returns

1. The deadline for submitting tax returns for taxes declared monthly or quarterly is stipulated as follows:

a) No later than the 20th day of the following month for monthly filing;

b) No later than the last day of the first month of the following quarter for quarterly filing.

...

Thus, the deadline for submitting VAT returns for the tax period of August 2024 is September 20, 2024.

What is the deadline for submitting value-added tax return for the tax period of August 2024 in Vietnam? (Image from the Internet)

What are penalties for late submission of tax returns in Vietnam?

Based on the provisions of Article 13 of Decree 125/2020/ND-CP, the penalty for late submission of tax returns is as follows:

(1) A warning will be issued for submitting tax returns late from 01 to 05 days with mitigating circumstances.

(2) A fine from VND 2,000,000 to VND 5,000,000 will be imposed for submitting tax returns late from 01 to 30 days, except for the case specified in Clause 1, Article 13 of Decree 125/2020/ND-CP.

(3) A fine from VND 5,000,000 to VND 8,000,000 will be imposed for late submission of tax returns from 31 to 60 days.

(4) A fine from VND 8,000,000 to VND 15,000,000 will be imposed for one of the following acts:

- Submitting tax returns late from 61 to 90 days;

- Submitting tax returns late from 91 days or more but without tax payable;

- Not submitting tax returns but without tax payable;

- Not submitting attachments as prescribed for managing taxes related to associated enterprises along with corporate income tax finalization dossiers.

(5) A fine from VND 15,000,000 to VND 25,000,000 will be imposed for submitting tax returns more than 90 days late from the due date, having tax payable, and the taxpayer has fully paid the tax amount and late payment amount into the state budget before the tax authority announces the tax inspection decision or before the tax authority records the late submission of tax returns as specified in Clause 11, Article 143 of the Tax Administration Law 2019.

Note: The above penalties apply to organizations. The penalty for individuals is half of that for organizations. For taxpayers who are households, the penalty applies as for individuals.

Additionally, based on the provisions of Clause 6, Article 13 of Decree 125/2020/ND-CP, the remedial measures for late submission of tax returns are as follows:

- Required to pay the late tax amount into the state budget for the acts specified in Clauses 1, 2, 3, 4, and 5, Article 13 of Decree 125/2020/ND-CP in case of late submission leading to late tax payment;

- Required to submit tax returns and accompanying appendices for the acts specified in Points c and d, Clause 4, Article 13 of Decree 125/2020/ND-CP.