What month is the Fourth Quarter? What types of taxes must be submitted in the Fourth Quarter of 2024 in Vietnam?

What month is the Fourth Quarter?

A quarter in a year is a unit of time that divides the year into four equal parts. A year has four quarters, each quarter is 3 months long, equivalent to 91 to 93 days. So, what months make up the fourth quarter?

To determine what months comprise the fourth quarter, it is necessary to specify the timeframe of each quarter as follows:

- The first quarter of the year starts in January and ends at the end of March.

- The second quarter starts in April and ends at the end of June.

- The third quarter starts in July and ends at the end of September.

- The fourth quarter starts in October and ends at the end of December.

Thus, the fourth quarter lasts for three months, from October to the end of December.

What month is the Fourth Quarter? What types of taxes must be submitted in the Fourth Quarter of 2024 in Vietnam? (Image from the Internet)

What types of taxes must be submitted in the Fourth Quarter of 2024 in Vietnam?

According to Clause 2, Article 8 of Decree 126/2020/ND-CP which provides guidance on the Tax Administration Law, the types of taxes that must be declared in the fourth quarter include:

- Corporate income tax for foreign airlines and foreign reinsurance.

- Value added tax, corporate income tax, and personal income tax for credit institutions or third parties authorized by credit institutions to manage secured assets during the period of awaiting settlement, declaring on behalf of taxpayers with secured assets.

- Personal income tax for organizations and individuals paying income subject to tax withholding according to the law on personal income tax, where such organizations and individuals choose to declare value added tax quarterly and opt to declare personal income tax quarterly; individuals with income from salaries and wages who directly declare tax to the tax authority and opt to declare personal income tax quarterly.

- Other taxes and fees belonging to the state budget declared and paid by organizations or individuals on behalf of individuals where such organizations or individuals declare value added tax quarterly and opt to declare tax on behalf of individuals quarterly, except for cases specified at Point g, Clause 4 of this Article.

- Surcharge when crude oil prices fluctuate upwards (except oil and gas activities of Vietsovpetro Joint Venture in Block 09.1).

What is included in the tax declaration for the Fourth Quarter 2024 in Vietnam?

According to Clause 2, Article 43 of the Tax Administration Law 2019, the tax declaration for each quarter is defined as follows:

Tax declaration

1. Documentation for taxes declared and paid monthly is a monthly tax return.

2. Documentation for taxes declared and paid quarterly is a quarterly tax return.

3. Documentation for taxes with an annual taxable period includes:

a) Annual tax documentation comprises the annual tax return and other related documents to determine the tax amount payable;

b) Year-end tax finalization documentation includes the annual tax finalization return, annual financial statements, affiliated transaction declarations; and other related documentation necessary for tax finalization.

4. Documentation for taxes declared and paid per each taxable obligation occurrence includes:

a) Tax return;

b) Invoices, contracts, and other documents related to the tax obligation as stipulated by law.

5. For exported and imported goods, the customs documentation as prescribed by the Customs Law serves as the tax declaration.

6. Documentation for termination of operations, contract cessation, change of business type, or reorganization of enterprises includes:

a) Tax finalization return;

b) Financial reports up to the point of termination or conversion;

c) Other documents relating to tax finalization.

7. Country-by-country profit reports in cases where the taxpayer is the ultimate parent company of a multinational group in Vietnam with cross-border affiliated transactions and total global consolidated turnover exceeding specified thresholds or where the ultimate parent company is abroad and is required to prepare country-by-country profit reports according to the regulations of the host country.

8. The Government of Vietnam prescribes detailed tax documentation as per this Article; prescribes taxes declared by month, quarter, year, per taxable obligation occurrence, tax finalization; specifies fees and charges collected by the State representative offices abroad; specifies the declaration, provision, exchange, and use of information for country-by-country profit reports; establishes criteria to determine taxpayers for quarterly tax declarations.

Additionally, Clause 1, Article 7 of Decree 126/2020/ND-CP provides guidance on tax declaration as follows:

- tax declaration includes the tax return and relevant documents and materials that serve as the basis to determine the taxpayer's obligation to the state budget, prepared by the taxpayer and submitted electronically or in paper form to the tax authority.

- Taxpayers must accurately complete the tax return, schedules, and annexes (if any) according to the Minister of Finance's regulations and bear legal responsibility for the accuracy, truthfulness, and completeness of the content in the tax return, schedules, annexes; and fully submit necessary documents and materials in the tax filing with the tax authority. For certain documents where the Ministry of Finance does not issue a template but related laws prescribe a template, compliance with the relevant law is required.

Thus, the fourth quarter tax filing includes the tax return and relevant documents and materials that serve as the basis for determining the taxpayer's obligation to the state budget, prepared and submitted by the taxpayer electronically or in paper form to the tax authority.

Particularly for the tax return, schedules, annexes (if any), taxpayers must accurately complete these according to the Minister of Finance's regulations and bear legal responsibility for the accuracy, truthfulness, and completeness required; and fully submit the stipulated documents and materials in the tax filing with the tax authority.

For certain documents in the tax filing where the Ministry of Finance does not issue a template but related laws have a prescribed template, compliance with the relevant law is required.