When is the time to set up a domestic tax accounting book in Vietnam?

When is the time to set up a domestic tax accounting book in Vietnam?

Based on Article 26 of Circular 111/2021/TT-BTC regulating the setting up, recording, and closing of tax accounting books as follows:

Setting up, recording, and closing of tax accounting books

1. Tax accounting books must be set uped at the beginning of the tax accounting period; for newly established tax accounting units, the tax accounting books must be set uped from the date of establishment.

2. Tax accounting units must base their entries on collected input data of tax accounting, tax accounting vouchers to record in the tax accounting books. The recording of tax accounting books must be prompt, clear, and complete according to the contents of each tax accounting book. The information and data reflected in the tax accounting books must be accurate, truthful, and consistent with the collected input data of tax accounting, tax accounting vouchers regarding receivables, collected, remaining receivables, to be refunded, refunded, remaining to be refunded, exempted, reduced, debt rescheduled, debt erased.

3. Tax accounting books are recorded in chronological order based on input data collection of tax accounting, tax accounting vouchers. It is strictly prohibited to record in tax accounting books any information not through the collected input data of tax accounting or tax accounting vouchers. Tax officials responsible for updating data into the tax management application system must ensure the accuracy of updated information, reflecting fully, promptly, accurately, truthfully, continuously, and systematically all transactions related to tax management.

4. Tax accounting units must close the tax accounting books at the end of the accounting period before preparing the tax accounting report.

Thus, the domestic tax accounting book must be set uped at the beginning of the domestic tax accounting period.

Additionally, for newly established tax accounting units, the tax accounting book must be set uped from the date of establishment.

When is the time to set up a domestic tax accounting book in Vietnam? (Image from the Internet)

When does the domestic tax accounting period start and end in Vietnam?

According to Clause 1, Article 8 of Circular 111/2021/TT-BTC regulating the domestic tax accounting period as follows:

Tax accounting period

1. The tax accounting period is determined by the calendar year, referred to as the accounting year, consisting of 4 characters, specifically:

a) The tax accounting period is counted from the beginning of January 01 to the end of December 31 of the calendar year.

b) The first annual tax accounting period for a newly established tax accounting unit is determined from the effective date of the new establishment, division, separation, merger, or consolidation decision to the end of December 31 of the calendar year.

c) The last tax accounting period of a tax accounting unit when divided, separated, merged, consolidated, or dissolved is counted from the beginning of January 01 of the calendar year to the end of the day before the effective date of the division, separation, merger, consolidation, or dissolution decision.

d) The duration of the first and last tax accounting periods is implemented according to the guidance of the Accounting Law and the guiding documents for implementation.

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Thus, according to the above regulation, the domestic tax accounting period is determined by the calendar year and the domestic tax accounting period runs from January 01 to December 31 of the calendar year.

What are regulations on the storage and supply of accounting information and documents in Vietnam?

According to Article 9 of Circular 111/2021/TT-BTC regulating the storage and supply of accounting information and documents as follows:

- Tax accounting documents include input data of tax accounting, tax accounting vouchers, tax accounting books, tax accounting reports, and other documents related to tax accounting work, presented in the form of electronic data stored according to accounting law regulations.

Input data before being collected into the Tax Accounting Subsystem is stored in the Taxpayer Obligation Management Subsystem and the tax management business subsystems belonging to the Tax Management Application System as regulated by the Director General of the General Department of Taxation. The General Department of Taxation is responsible for ensuring the storage has access capability to exploit the origin of input data of tax accounting.

- supply of tax accounting information and documents

+ The supply of accounting information and documents shall be made according to the supplys of accounting law and tax management law.

+ The information and documents provided by tax accounting include receivables, collected, remaining receivables, to be refunded, refunded, remaining to be refunded, exempted, reduced, debt rescheduled, debt erased managed by the tax authority and other related information reflected on the criteria of tax accounting reports regulated in this Circular.