When does the import-export duty accounting period of December 2024 begin and end in Vietnam?
When does the import-export duty accounting period of December 2024 begin and end in Vietnam?
Based on Clause 2, Article 7 of Circular 174/2015/TT-BTC which regulates the import-export duty accounting period as follows:
import-export duty Accounting Period
- The tax accounting period includes the monthly accounting period, the annual accounting period, and the settlement adjustment period.
- The monthly accounting period is the time calculated from the 1st to the last day of the month. The annual accounting period is the time calculated from January 1 to the end of December 31 of the calendar year.
- The settlement adjustment period is the time starting from January 1 to the end of January 31 of the following year, to record and adjust transactions allowed to be recorded in the previous year's accounting books according to the provisions of the State Budget Law, adjustment documents related to the previous year are updated with data in December of the previous year.
In case the adjustment documents of the state budget for the previous year arise after the customs authority has closed the previous year's accounting period, they are recorded in the accounting period of the current year.
- Tax management transactions arising in which period must be recorded and accounted for in the books of that period. Cases arising requiring the adjustment of data detected within the year related to the current year are adjusted in the period (month) of detection.
Thus, the import-export duty accounting period of December 2024 is determined according to the calendar, starting from December 1, 2024, and ending on December 31, 2024.
When does the import-export duty accounting period of December 2024 begin and end in Vietnam? (Image from the Internet)
When is the closing time for the import-export duty accounting period of December 2024 in Vietnam?
According to Clause 2, Article 8 of Circular 174/2015/TT-BTC, the opening and closing of the import-export duty accounting period are regulated as follows:
Opening and closing of the import-export duty accounting period
- Opening of the import-export duty accounting period is the establishment on the import-export duty accounting system for a defined accounting period within the year to allow data updates into the accounting system according to allocated permissions.
- Closing of the import-export duty accounting period is the establishment on the import-export duty accounting system for a defined accounting period within the year to prevent users from being able to update data into the accounting system.
The closing time for the monthly accounting period is the 12th of the following month, and the closing time for the annual accounting period is 24h on February 10 of the following year. In the case where a quick report needs to be prepared in the system, it must follow the end-of-day processing procedure. Additionally, the tax accounting period must be closed in cases of inventory or other cases according to the law. The customs authority must ensure all tax accounting documents arising are completely and accurately recorded within the accounting period.
- After the closing time of the accounting period, if it is necessary to adjust tax accounting data, it shall be implemented following the guidance of the Director General of the General Department of Customs.
The closing time for the import-export duty accounting period of December 2024 is the 12th of the following month, which is January 12, 2024.
Note: In cases where a quick report needs to be prepared in the system, it must follow the end-of-day processing procedure. Additionally, the tax accounting period must be closed in cases of inventory or other cases according to legal provisions.
What are the requirements for import-export duty accounting in Vietnam?
Based on Article 5 of Circular 174/2015/TT-BTCregulating the requirements for export-import duty accounting as follows:
- Fully reflect tax and other revenue transactions for imported and exported goods arising in the accounting period into accounting books and accounting reports.
- Reflect the information, export-import duty accounting data clearly, understandably, accurately, and within the prescribed timeframe.
- Truly reflect the status, nature, content, and value of tax and other revenue transactions for imported and exported goods.
- The information and data on export-import duty accounting must be reflected continuously; the accounting data reflected this period must succeed the accounting data of the previous period.
- The information and data on export-import duty accounting must be categorized, arranged in order, systematically, and uniformly with tax management criteria.
What is the content of internal control in import-export duty accounting in Vietnam?
Based on Clause 2, Article 10 of Circular 174/2015/TT-BTCregulating the content of internal control in export-import accounting as follows:
- Control of original documents, accounting vouchers: document templates; the legality of documents; the completeness, clarity, truthfulness, and accuracy of information on the documents; arrangement and storage of accounting documents;
- Control entry, account classification of tax accounting: export-import duty transactions must be classified correctly according to the nature of the transaction, the correct accounting account;
- Control of accounting book recording: accounting book entry timing, reconciliation of detailed ledger, document list, and general ledger; periodically balance the accounting books according to the export-import duty accounting period;
- Control of export-import duty accounting reports: completeness, accuracy, and promptness of accounting reports; storing of accounting reports; preparation, submission, and explanation of export-import duty accounting reports to the superior management agency and authorized state agencies;
- Control of the organization of the export-import duty accounting apparatus: assignment of personnel in the accounting unit; the execution of responsibilities and powers of personnel assigned to perform accounting tasks.
