What is the deadline for the VAT return submission in Vietnam of November 2024? How much is the fine for late submission of the VAT return?

What is the deadline for the VAT return submission in Vietnam of November 2024?

According to Clause 1, Article 44 of the Law on Tax Administration 2019, the deadline for submitting tax returns is regulated as follows:

Deadline for submitting tax returns

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

a) No later than the 20th day of the month following the month in which the tax obligation arises for cases of monthly declaration and payment;

b) No later than the last day of the first month of the quarter following the quarter in which the tax obligation arises for cases of quarterly declaration and payment.

...

Therefore, according to the above regulation, the deadline for submitting the value-added tax return for November 2024 is December 20, 2024.

What is the deadline for the VAT return submission in Vietnam of November 2024?  (Image from the Internet)

How much is the fine for late submission of the VAT return in Vietnam?

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

(1) A warning for acts of submitting VAT returns late by 01 to 05 days and having mitigating circumstances.

(2) A fine of 2,000,000 VND to 5,000,000 VND for acts of submitting VAT returns late by 01 to 30 days, except as stipulated 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 acts of submitting VAT returns late by 31 to 60 days.

(4) A fine of 8,000,000 VND to 15,000,000 VND for the following acts:

- Submitting VAT returns late by 61 to 90 days;

- Submitting VAT returns late by 91 days or more but with no tax payable;

- Not submitting VAT returns but with no tax payable;

(5) A fine of 15,000,000 VND to 25,000,000 VND for acts of submitting VAT returns more than 90 days late from the deadline, with tax payable, and the taxpayer has fully paid the tax, late payment amount into the state budget before the tax authority announces the decision to conduct tax inspection or before the tax authority makes a record of the late submission of tax returns as stipulated in Clause 11, Article 143 of the Law on Tax Administration 2019.

If the penalty amount, when applied according to this clause, is greater than the tax amount arising on the tax return, the maximum penalty amount for this case is equal to the tax amount arising on the tax return but not lower than the average level of the penalty frame stipulated at Clause 4, Article 13 of Decree 125/2020/ND-CP.

Additionally, the person committing the violation as mentioned above must implement remedial measures:

- Ensure full payment of the late tax payment amount into the state budget for violations stipulated in Clauses 1, 2, 3, 4, and 5 of Article 13 of Decree 125/2020/ND-CP in the case of late submission of VAT returns resulting in late tax payment;

- Ensure submission of tax returns and accompanying appendices for acts stipulated at points c, d of Clause 4, Article 13 of Decree 125/2020/ND-CP.

Note: The above penalty for late submission of VAT returns applies to acts committed by organizations. For individuals committing similar acts, the fine is 1/2 of the fine applicable to organizations (according to Clause 5, Article 5 of Decree 125/2020/ND-CP).

When is tax declared monthly in Vietnam?

According to Clause 1, Article 8 of Decree 126/2020/ND-CP, the types of taxes declared monthly include:

- Value-added tax and personal income tax. Taxpayers meeting the criteria under the provisions of Article 9 of Decree 126/2020/ND-CP may choose to declare quarterly.

- Special consumption tax.

- Environmental protection tax.

- Resource tax, except for resource tax stipulated at point e of this clause.

- Fees and charges belonging to the state budget (except for fees and charges collected by Vietnamese representative agencies abroad according to the provisions of Article 12 of Decree 126/2020/ND-CP; customs fees; fees for goods, luggage, and means of transport in transit).

- For activities of exploration, exploitation, and sale of natural gas: Resource tax; corporate income tax; special tax of the Vietnam-Russia Joint Venture “Vietsovpetro” at Lot 09.1 under the Agreement between the Government of the Socialist Republic of Vietnam and the Government of the Russian Federation signed on December 27, 2010, on continued cooperation in the field of geological exploration and oil and gas exploitation on the continental shelf of the Socialist Republic of Vietnam within the framework of the Vietnam-Russia Joint Venture “Vietsovpetro” (hereinafter referred to as the Vietsovpetro Joint Venture at Lot 09.1); profits from the host country's gas share.