What is the Gregorian date for the 2nd day of the 2025 Tet holiday in Vietnam? Does the deadline for submitting the 2024 financial report of sole proprietorships fall on the 2nd day of Tet?

What is the Gregorian date for the 2nd day of the 2025 Tet holiday in Vietnam?

Based on the Lunar Calendar of 2024 and the Gregorian Calendar of 2025, the 21st Day of the Twelfth Lunar Month will fall on Thursday, January 30, 2025, in the Gregorian calendar.

Note: Information regarding the Gregorian date for the 2nd day of the 2025 Tet holiday in Vietnam is for reference only.

What is the Gregorian date for the 2nd day of the 2025 Tet holiday in Vietnam? Does the deadline for submitting the 2024 financial report of sole proprietorships fall on the 2nd day of Tet? (Image from the Internet)

Does the deadline for submitting the 2024 financial report of sole proprietorships fall on the 2nd day of the 2025 Tet holiday in Vietnam? 

According to Clause 1, Article 12 of the Law on Accounting 2015, the accounting period is regulated as follows:

Accounting Period

1. The accounting period includes the yearly accounting period, quarterly accounting period, and monthly accounting period, specified as follows:

a) The yearly accounting period is 12 months, from the beginning of January 1 to the end of December 31 of the Gregorian calendar. Accounting units with specific organizational or operational characteristics may choose a yearly accounting period of 12 full months according to the Gregorian calendar, starting from the beginning of the first day of this quarter until the end of the last day of the last quarter of the following year, and must notify the financial and tax authorities;

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Simultaneously, pursuant to Article 109 of Circular 200/2014/TT-BTC regarding deadlines for submitting financial reports:

Deadline for Submitting Financial Reports

1. For state-owned enterprises

a) Deadline for submitting quarterly financial reports:

- Accounting units must submit quarterly financial reports no later than 20 days from the end of the quarterly accounting period; for parent companies and state-owned general corporations, no later than 45 days;

- Accounting units under enterprises or state-owned general corporations must submit quarterly financial reports to the parent company or general corporation according to the deadlines set by the parent company or general corporation.

b) Deadline for submitting annual financial reports:

- Accounting units must submit annual financial reports no later than 30 days from the end of the yearly accounting period; for parent companies and state-owned general corporations, no later than 90 days;

- Accounting units under state-owned general corporations must submit annual financial reports to the parent company or general corporation according to the deadlines set by the parent company or general corporation.

2. For other types of enterprises

a) Accounting units that are sole proprietorships and partnerships must submit annual financial reports no later than 30 days from the end of the yearly accounting period; for other accounting units, the deadline for submitting annual financial reports is no later than 90 days;

b) Subordinate accounting units must submit annual financial reports to superior accounting units according to the deadlines set by superior accounting units.

Thus, the yearly accounting period for 2024 is determined as January 1, 2024 - December 31, 2024. Therefore, the deadline for submitting the 2024 financial report of sole proprietorships is no later than 30 days from the end of the 2024 accounting year, which is January 30, 2025, aligning with the 2nd day of the 2025 Tet holiday in Vietnam.

What is the penalty for enterprises submitting false financial reports that do not lead to any deficiency in taxes payable in Vietnam?

According to Clauses 3 and 6, Article 43 of the Tax Administration Law 2019 regarding tax declaration dossiers for taxes calculated annually:

Tax Declaration Dossiers

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3. The tax declaration dossier for taxes calculated annually includes:

a) The annual tax declaration dossier comprises the annual tax return and other related documents for determining the amount of tax payable;

b) The tax finalization return, submitted at the end of the year, includes the annual tax finalization return, annual financial report, transfer pricing return, and other documents related to tax finalization.

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6. The tax declaration dossier for cases of business termination, contract termination, business transformation, or reorganization includes:

a) Tax finalization return;

b) Financial report up to the point of business termination, contract termination, business transformation, or reorganization;

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Simultaneously, according to Article 12 of Decree 125/2020/ND-CP regarding penalties for false or incomplete tax declaration that do not result in insufficient tax payable or increase in tax exemption, deduction, or refund:

Penalties for false or Incomplete Tax Declaration Not Affecting Tax Payable

1. A fine ranging from VND 500,000 to VND 1,500,000 for false or incomplete entries in tax dossiers that are not related to tax obligation determination, except for acts specified in Clause 2 of this Article.

2. A fine ranging from VND 1,500,000 to VND 2,500,000 for false or incomplete entries on tax returns and accompanying appendices that are not related to tax obligation determination.

3. A fine ranging from VND 5,000,000 to VND 8,000,000 for:

a) false or incomplete entries related to tax obligation determination in tax dossiers;

b) Acts specified in Clause 3, Article 16; Clause 7, Article 17 of this Decree.

4. Remedial measures:

a) Required to resubmit and supplement documents in the tax dossier for acts in Clauses 1, 2, and Point a, Clause 3 of this Article;

b) Required to adjust losses, input value-added tax deductions carried forward to subsequent periods (if any) for the act specified in Clause 3 of this Article.

Thus, the financial report of the enterprise is a part of the tax declaration dossier. In cases where the enterprise submits an false financial report that does not affect the tax due, it will be subject to an administrative penalty ranging from VND 500,000 to VND 1,500,000 and required to take corrective measures by resubmitting and supplementing the financial report.