When is the deadline for paying provisional corporate income tax in Vietnam for Quarter 3, 2024?

When is the deadline for paying provisional corporate income tax in Vietnam for Quarter 3, 2024?

Pursuant to Clause 1, Article 55 of the Law on Tax Administration 2019, the regulations are as follows:

Tax Payment Deadline

1. In the case where the taxpayer calculates the tax, the deadline for tax payment is no later than the last day of the tax declaration submission period. In the case of supplementary tax declaration, the tax payment deadline is the deadline for submitting the tax declaration for the incorrect or missing tax period.

For corporate income tax, it should be paid provisionally on a quarterly basis, with the deadline for tax payment being no later than the 30th day of the first month of the following quarter.

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Thus, the deadline for paying provisional corporate income tax for Quarter 3, 2024, is no later than the 30th day of the first month of the following quarter, which is October 30, 2024.

When is the deadline for paying provisional corporate income tax in Vietnam for Quarter 3, 2024? (Image from the Internet)

What are the location and method of tax payment in Vietnam?

Pursuant to Article 56 of the Law on Tax Administration 2019, the regulations on the location and method of tax payment are as follows:

Location and Method of Tax Payment

1. Taxpayers shall pay taxes into the state budget according to the following provisions:

a) At the State Treasury;

b) At the tax administration agency where the tax declaration dossier is received;

c) Through an organization authorized by the tax administration agency to collect taxes;

d) Through commercial banks, other credit institutions, and service organizations as prescribed by law.

2. The State Treasury, commercial banks, other credit institutions, and service organizations as prescribed by law are responsible for arranging locations, means, official, and staff to collect taxes promptly and conveniently for taxpayers to pay into the state budget.

3. Agencies and organizations receiving or deducting taxes must issue tax receipt documents to taxpayers.

4. Within 8 working hours from the time of collecting taxes from taxpayers, agencies, and organizations receiving tax money must transfer the funds into the state budget. In case of collecting taxes in cash in remote areas, islands, or difficult-to-access areas, the timeframe for transferring the tax funds into the state budget shall comply with the regulations of the Minister of Finance.

Taxpayers must pay taxes into the state budget at the following locations:

- At the State Treasury;

- At the tax administration agency where the tax declaration dossier is received;

- Through an organization authorized by the tax administration agency to collect taxes;

- Through commercial banks, other credit institutions, and service organizations as prescribed by law.

The State Treasury, commercial banks, other credit institutions, and service organizations as prescribed by law are responsible for arranging locations, means, official, and staff to collect taxes promptly and conveniently for taxpayers to pay into the state budget.

Agencies and organizations receiving or deducting taxes must issue tax receipt documents to taxpayers.

Additionally, within 8 working hours from the time of collecting taxes from taxpayers, agencies, and organizations receiving tax money must transfer the funds into the state budget.

In case of collecting taxes in cash in remote areas, islands, or difficult-to-access areas, the timeframe for transferring the tax funds into the state budget shall comply with the regulations of the Minister of Finance.

What are regulations on the late payment interest for provisional corporate income tax in Vietnam?

According to the provisions of Clause 2, Article 59 of the Law on Tax Administration 2019, the late payment interest is calculated at 0.03% per day on the amount of overdue tax.

The period for calculating the late payment interest is continuous from the day following the due date specified in Clause 1, Article 59 of the Law on Tax Administration 2019 until the day immediately preceding the day the tax debt, tax refund recovery, additional tax, assessed tax, and delayed transfer tax is paid into the state budget.

Taxpayers are responsible for self-calculating the late payment interest according to Clauses 1 and 2 of Article 59 of the Law on Tax Administration 2019 and paying it into the state budget as per regulations.

In the case that 30 days have passed since the tax payment deadline, and the taxpayer has not yet paid the tax, late payment interest, or fines, the tax administration agency shall notify the taxpayer of the outstanding tax, fines, and the number of days of delay.

Currently, cases exempt from late payment interest include:

- Taxpayers who supply goods and services paid from the state budget, including subcontractors defined in contracts with the investor and directly paid by the investor but not yet paid, are not subject to late payment interest.

The unpaid tax debt not subject to late payment interest is the total unpaid tax amount owed to the state budget by the taxpayer but not exceeding the unpaid amount from the state budget;

- Cases stipulated at Point b, Clause 4, Article 55 of the Law on Tax Administration 2019 are not subject to late payment interest during the pending period for analysis and assessment results; during the period without an official price; during the period before the definitive payment amount and adjustments added to the customs value are determined.