What is the duration for tax accounting documents to be retained in Vietnam in 2024?

What is the duration for tax accounting documents to be retained in Vietnam in 2024?

*Case where accounting documents must be retained for a minimum of 5 years (Based on Article 12 of Decree 174/2016/ND-CP)

[1] Accounting vouchers not used directly for bookkeeping and preparing financial statements such as receipt vouchers, payment vouchers, warehouse receipt notes, and warehouse delivery notes not retaind in the accounting department's records.

[2] Accounting documents used for management and operation of the accounting unit not directly involved in bookkeeping and financial statement preparation.

[3] In cases where accounting documents specified in sections (1) and (2) above are required by other laws to be retained for more than 5 years, retention shall be conducted as per those regulations.

* Case where accounting documents must be retained for a minimum of 10 years (Article 13 of Decree 174/2016/ND-CP)

[1] Accounting vouchers used directly for bookkeeping and financial statement preparation, detailed reports, consolidated statements, detailed bookkeeping, general ledgers, monthly, quarterly, and annual financial reports of the accounting unit, settlement reports, self-inspection accounting reports, records of accounting document destruction, and other documents directly used for bookkeeping and financial reporting.

[2] Accounting documents related to liquidation, disposal of fixed assets; inventory reports, and asset evaluation.

[3] Accounting documents of the investor unit, including accounting documents of annual accounting periods and accounting documents on completion settlement reports for projects in Group B, C.

[4] Accounting documents related to establishment, division, separation, amalgamation, merger, conversion of ownership forms, conversion of business types or unit conversion, dissolution, bankruptcy, cessation of operations, and project completion.

[5] Documents related to the unit such as audit files by the State Audit Office, inspection and supervision records by competent state authorities or documents from independent audit organizations.

[6] Other documents not specified in Section 1.1 and 1.3 of this document.

[7] In cases where accounting documents specified in sections (1); (2); (3); (4); (5); (6) above are required by other laws to be retained for more than 10 years, retention shall be conducted as per those regulations.

* Case where accounting documents must be retained permanently (Article 14 of Decree 174/2016/ND-CP)

[1] For accounting units in the state accounting sector, accounting documents that must be retained permanently include the State budget finalization report for the year approved by the National Assembly, local budget settlement reports approved by the People's Council at all levels; records, and settlement reports on projects completed in Group A, and significant national projects; other accounting documents of historical value, significant in terms of economy, security, and defense.

Determination of other accounting documents that must be permanently retaind is decided by the legal representative of the accounting unit, industry, or local authorities based on historical value and importance in terms of economy, security, and defense.

[2] For business activities, accounting documents that must be retained permanently include accounting documents of historical value, significant in terms of economy, security, and defense.

The decision on accounting documents to be permanently retaind is made by the head or the legal representative of the accounting unit based on the historical value and long-term significance of the documents, deciding on a case-by-case basis, and assigning the accounting department or other department to retain them in original or other forms.

[3] The permanent retention period must be more than 10 years until the accounting documents are naturally destroyed.

What is the duration for tax accounting documents to be retained in Vietnam in 2024? (Image from the Internet)

What are the regulations regarding the timing for determinating the retention period of tax accounting documents in Vietnam?

Based on Article 15 of Decree 174/2016/ND-CP, the timing for determinating the retention period of accounting documents is as follows:

[1] The timing for determinating the retention period for accounting documents specified in Section 1.1, paragraphs (1), (2), (7) of Section 1.2, and Section 1.3 mentioned above is calculated from the end date of the annual accounting period.

[2] The timing for determinating the retention period for documents specified in paragraph (3) of Section 1.2 mentioned above is from the date the project completion settlement report is approved.

[3] The timing for determinating the retention period for accounting documents related to the establishment of a unit is from the date of establishment; documents related to division, separation, amalgamation, merger, conversion of ownership forms, conversion of business types are calculated from the date of such events; documents related to dissolution, bankruptcy, cessation of operations, and project completion are calculated from the date of completing the dissolution, bankruptcy, cessation of operations, or project completion procedures; documents related to audit and inspection records by competent authorities are calculated from the date of the audit report or inspection, examination conclusions.

Is it necessary to retain accounting documents in multiple locations in Vietnam?

Pursuant to the provisions of Article 9 of Decree 174/2016/ND-CP as follows:

Preservation, retention, and provision of accounting information and documents

1. retaind accounting documents must be the original version per legal regulations for each type of accounting document, except for the following cases:

a) Accounting documents specified in Clauses 2 and 3, Article 6 of this Decree only have one original version but need to be retained in multiple units. With the exception of the unit holding the original, other units are allowed to retain photocopied accounting documents.

b) In cases where accounting documents are temporarily held or confiscated per Clause 4, Article 6 of this Decree, the accounting unit must retain photocopied accounting documents along with the "Accounting Document Transfer and Receipt Record" as specified in Clause 2, Article 7 of this Decree.

c) If accounting documents are lost or destroyed due to objective reasons as specified in Clause 5, Article 6 of this Decree, the accounting unit must retain photocopies of the accounting documents. If the documents cannot be photocopied according to Clause 6, Article 6 of this Decree, the unit must maintain an "Accounting Document Non-Photocopyable Record."

2. Accounting documents must be fully and safely preserved by the accounting unit during their use. The accounting unit must establish rules for the management, use, and preservation of accounting documents, clearly defining responsibilities and rights for each department and accountant. If the accounting unit is a micro-enterprise as regulated by laws supporting small and medium-sized enterprises, it is not required to establish management rules but must still ensure full and safe preservation of accounting documents as required by law. The accounting unit must ensure adequate physical infrastructure and means for managing and preserving accounting documents. Accountants are responsible for preserving their accounting documents during usage.

3. The legal representative of the accounting unit decides whether to preserve and retain accounting documents on paper or electronic means. Preservation and retention must ensure safety, completeness, confidentiality, and the ability to provide information when requested by competent state authorities.

4. Accounting documents placed in retention must be complete, systematic, classified, and arranged in individual files according to the chronological order of occurrence and annual accounting periods.

5. The legal representative of the accounting unit must take responsibility to promptly, fully, honestly, and transparently provide accounting information and documents to tax authorities and competent state agencies as required by law. Agencies receiving accounting documents must preserve them during their use and must return them fully and timely after use.

Thus, in accordance with the above regulation, accounting documents stipulated in Clauses 2 and 3, Article 6 of Decree 174/2016/ND-CP, which only have one original document but need to be retained in multiple units, other than the unit keeping the original, the remaining units are allowed to retain photocopied accounting documents.