The currency used to record tax accounting in Vietnam books from July 1, 2022 must be Vietnam dong?
From July 1, 2022, can foreign currency be used to record tax accounting in Vietnam books?
Pursuant to Article 7 of Circular 111/2021/TT-BTC stipulating as follows:
"Article 7. Currency in tax accounting
1. The currency in tax accounting is Vietnam dong, which is used to record tax accounting books, prepare and present tax accounting reports.
2. In case the tax authority in the process of performing tax administration operations for taxpayers declares and pays tax in foreign currencies according to the provisions of the Law on Tax Administration and documents guiding the implementation of the Law, it must convert into Vietnam Dong when collecting input information of tax accountants to record tax accounting books, prepare and present tax accounting reports in Vietnamese Dong. As follows:
a) The exchange rate for converting receivables in case taxpayers declare tax in foreign currencies is the accounting rate prescribed by the Ministry of Finance (the State Treasury) at the time of accounting.
b) The exchange rate for converting the collected amounts in case taxpayers pay tax in foreign currencies is the exchange rate recorded on the State Treasury's State Treasury revenue accounting documents and transferred to the tax authority.
c) The exchange rate for converting the overpaid amount in foreign currency to be cleared for state budget revenue or refunded into Vietnam dong by the state budget is the exchange rate specified at Point a.5 Clause 1 Article 25 and Clause 1 of this Article. 4 Article 46 Circular No. 80/2021/TT-BTC dated September 29, 2021 of the Ministry of Finance guiding the implementation of a number of articles of the Law on Tax Administration and Decree No. 126/2020/ND-CP dated October 19 2020 of the Government”
Thus, the recording of tax accounting books, preparation and presentation of tax accounting reports must be done in Vietnamese dong.
The currency used to record tax accounting books from July 1, 2022 must be Vietnam dong?
How is the tax accounting in Vietnam period regulated from July 1, 2022?
Pursuant to Article 8 of Circular 111/2021/TT-BTC stipulating as follows:
“Article 8. Tax accounting period
1. The tax accounting period is determined according to the calendar year, called the accounting year, consisting of 4 characters, specifically:
a) The tax accounting period is calculated from the beginning of January 1 to the end of December 31 of the calendar year.
b) The first tax accounting period for newly established tax accounting units is determined from the beginning of the effective date of the decision on establishment, division, separation, consolidation or merger of the tax accounting unit. December 31 of the calendar year.
c) The last tax accounting period of a tax accounting unit upon division, separation, consolidation, merger or dissolution is from the beginning of January 1 of the calendar year to the end of the day before the date of the decision on division, separation or consolidation. merger, merger, dissolution of tax accounting units take effect.
d) The time of the tax accounting period of the first year and the last year shall comply with the guidance of the Law on Accounting and its guiding documents.
2. Principles of periodical accounting
a) Tax accounting date is determined to be the date of recording in tax accounting books into the tax accounting module.
b) The date on which input information is collected by the tax accountant must comply with the principle that the tax administration operation occurs on the day of the tax administration operation or at the latest the next day following the day on which the tax administration operation arises. Except for statutory holidays, the date of information collection is the next working day of that rest day.
c) If during the preparation of the tax accounting report, adjustments to tax administration operations that have been accounted for in the previous year's tax accounting period, if made before the closing time of the tax accounting period, are recorded. the adjusted accounting period in the tax accounting period of the previous year and determined by the accounting year information specified in Clause 1 of this Article.
d) After the closing time of the tax accounting period, the adjustment of data in the previous year's tax accounting period shall be made only at the request of competent state agencies and according to the provisions of Clauses 3 and 4 of this Article. 27 and Clause 2, Clause 3 Article 30 of this Circular.
3. Opening and closing tax accounting period
a) Opening a tax accounting period means setting the open status on the Tax Accounting Module from the beginning of the tax accounting period mentioned in Clause 1 of this Article for a tax accounting period to update data. input information of tax accountants, update tax accounting vouchers, record in tax accounting books or edit or delete data on tax accounting books of the tax accounting module.
b) Closing a tax accounting period means setting the closing status on the tax accounting module for a tax accounting period so as not to update input data of tax accountants, not to update tax accounting documents. , do not correct or delete data on the tax accounting books of the Tax Accounting Module.
c) The time to close the tax accounting period is the last day of the 3rd month from the end of the accounting period. In case the closing time of a tax accounting period coincides with a prescribed holiday, the closing date of the accounting period is the next working day immediately following that holiday. In case, due to objective reasons, it is necessary to delay the closing time of the tax accounting period, it must be approved by the General Department of Taxation.
From the end of the tax accounting period to the time of closing the tax accounting period, all tax accounting adjustment data shall be accounted according to the accounting year information specified in Clauses 1 and 2 of this Article.
From the time of closing the accounting period to before the tax accounting report is approved by the competent authority, the tax authority is only allowed to adjust the data of the accounting year at the request of the competent authority or adjust the number of the accounting year. data detected by tax authorities if approved by the General Department of Taxation and accounted for according to the accounting year information specified in Clauses 1 and 2 of this Article.
d) In cases where accounting data errors are not adjusted in the tax accounting period according to the above information, they shall be recorded in the tax accounting period of the current year and supplement information in the budget year. with the value “01” as the basis for the explanation in the tax accounting statement of the current year.”
Thus, the tax accounting period is determined according to the calendar year. The periodical accounting and the closing and opening of the tax accounting period will be carried out in accordance with the above provisions.
From July 1, 2022, archive tax accounting in Vietnam documents in the form of electronic data?
Pursuant to Article 9 of Circular 111/2021/TT-BTC stipulating as follows:
“Article 9. Storage and provision of accounting information and documents
1. Tax accounting documents include input information of tax accountants, tax accounting vouchers, tax accounting books, tax accounting reports and other documents related to tax accounting work that can be presented. presented in the form of information is electronic data stored in accordance with the law on accounting.
Input data before being collected into the Tax Accounting Module is stored on the Taxpayer Obligation Management Module and the tax management business modules of the Tax Management Application System according to the regulations of the General Department of Taxation. Head of the General Department of Taxation. The General Department of Taxation is responsible for ensuring that the storage is accessible to exploit the source of input information of tax accountants.
2. Providing tax accounting information and documents
a) The provision of accounting information and documents shall comply with the provisions of the law on accounting and the law on tax administration.
b) Information and documents provided by tax accountants are amounts receivable, collected, outstanding, must be refunded, refunded, still need to be refunded, exempted, reduced, frozen or written off, managed by tax authorities. and other relevant information shown on the items of the tax accounting report specified in this Circular.”
Accordingly, the storage and provision of tax accounting information and documents comply with the above provisions.
Circular 111/2021/TT-BTC takes effect from July 1, 2022.
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