What is the Tax report submission schedule in Vietnam for February 2025? What is the penalty for late submission of tax returns?

What is the Tax report submission schedule in Vietnam for February 2025?

Below is a detailed summary of the tax reporting schedule for February 2025 that enterprises need to keep in mind for compliance:

What is the Tax report submission schedule in Vietnam for February 2025? What is the penalty for late submission of tax returns? (Image from Internet)

What is the penalty for late submission of tax returns in Vietnam?

According to Article 13 Decree 125/2020/ND-CP, regulations on penalties for late submission of tax returns are as follows:

- Warning is issued for late submission of tax returns from 1 day to 5 days with mitigating circumstances.

- A fine from 2,000,000 VND to 5,000,000 VND for late submission from 1 day to 30 days, except as specified in Clause 1 of this Article.

- A fine from 5,000,000 VND to 8,000,000 VND for late submission from 31 days to 60 days.

- A fine from 8,000,000 VND to 15,000,000 VND for any of the following acts:

+ Late submission from 61 days to 90 days;

+ Late submission from 91 days or more but no payable tax arises;

+ Non-submission of tax returns but no payable tax arises;

+ Non-submission of appendices as required by tax management regulations for enterprises with related party transactions, attached to the corporate income tax finalization dossier.

- A fine from 15,000,000 VND to 25,000,000 VND for late submission over 90 days from the deadline, with taxable amount incurred, and if the taxpayer has fully paid the tax amount and late payment interest into the state budget before the tax authority announces the decision to inspect or audit the tax or before the tax authority makes a memorandum regarding the act of late submission as specified in Clause 11 Article 143 Law on Tax Administration 2019.

If the penalty amount exceeds the tax amount on the tax return, the maximum penalty is equal to the tax amount due on the return, but not below the average of the fine bracket stipulated in Clause 4 Article 13 Decree 125/2020/ND-CP (the average fine level is 11.5 million VND).

Note: The fines mentioned above are for organizations. The fines for individuals committing the same acts are 1/2 of the fines for organizations according to Clause 5 Article 5 Decree 125/2020/ND-CP.

When is an extension for tax return submission granted in Vietnam?

According to Article 46 Law on Tax Administration 2019, an extension for tax return submission is granted when the taxpayer is unable to submit the tax return on time due to natural disasters, catastrophes, epidemics, fires, or unexpected accidents. In such cases, the head of the directly managing tax authority will grant an extension.

The deadline and procedure for extending the time for tax return submission are as follows:

- The extension period is not more than 30 days for monthly, quarterly, yearly tax returns, or each occurrence of a taxable obligation; 60 days for tax finalization returns from the deadline for submission.

- The taxpayer must send a written request for extension to the tax authority before the tax return submission deadline, stating the reason for the extension and must have confirmation from the commune-level People's Committee or commune-level police station of where the extendable case occurs.

- Within 3 working days from receiving the extension request, the tax authority must reply in writing to the taxpayer about whether the extension of tax return submission is accepted or not.