What are the requirements for making tax accounting in Vietnam reports from July 1, 2022? In case there is an error when closing data for making tax accounting reports, how will it be handled?
From July 1, 2022, what requirements must be met to prepare tax accounting in Vietnam reports?
Pursuant to Article 29 of Circular 111/2022/TT-BTC providing for tax accounting reports as follows:
“Article 29. Tax accounting reports
1. Tax accounting reports to summarize the situation and results of tax administration operations of tax authorities at all levels in a tax accounting period.
2. Requirements for tax accounting reports
a) The tax accounting report must be made according to the prescribed form, the criteria in the tax accounting report must ensure consistency, continuity, truthfully, objectively and reasonably reflect relevant information. to the management of taxes and other state budget revenues collected by tax authorities. The aggregated targets on tax accounting reports must be consistent with relevant regulations on the collection of state budget revenues.
b) The tax accounting report data must reflect accurately, honestly, objectively and be aggregated from the tax accounting database after having checked, compared and closed the tax accounting books.
c) Tax accounting reports must be made with correct content and method and consistently presented between accounting periods; In case the tax accounting report presents differently between accounting periods, the reason must be clearly explained.
d) In addition to the tax accounting report specified in this Circular, the Director of the General Department of Taxation may prescribe other reports made on the tax accounting database to serve the appropriate management and administration. with management requirements in each period.
3. Prepare tax accounting reports
a) Before closing the tax accounting period, the tax accounting department is responsible for coordinating with professional tax administration divisions to compare and check the recorded data to ensure that it matches the business records. services of professional departments.
b) The tax accounting unit shall coordinate with the concerned State Treasury in inspecting, comparing and adjusting accounting data related to state budget collection and payment according to regulations.
c) Tax accounting units make tax accounting reports in the form of electronic data. The report is saved as electronic and paper data at the tax accounting unit
4. The Tax Department summarizes tax accounting reports of tax accounting units in the province, the Large Corporate Tax Department summarizes tax accounting reports in the areas assigned by the Tax Department to collect, the General Department of Taxation. The Tax Department summarizes tax accounting reports of tax accounting units nationwide.
5. The accounting unit is the regional Tax Sub-Department, the Sub-department of Taxation shall approve the tax accounting report within 20 days after the closing of the tax accounting period; the accounting unit is the Department of Taxation, which approves the tax accounting report within 30 days after the closing of the tax accounting period.
6. The list, forms and methods of making tax accounting reports are detailed in Appendix V issued with this Circular.”
Thus, the preparation of tax accounting reports must comply with the requirements mentioned above.
What are the requirements for making tax accounting reports from July 1, 2022? In case there is an error when closing data for making tax accounting reports, how will it be handled?
In case there is an error in the data to prepare the tax accounting in Vietnam report, how to handle it?
Pursuant to Article 30 of Circular 111/2021/TT-BTC stipulating as follows:
“Article 30. Time to finalize data for making tax accounting reports
1. The time to close data for making tax accounting reports is the time to close the tax accounting period specified in Article 8 of this Circular.
2. In case of detecting errors or omissions after the closing time of the tax accounting period until before submitting the tax accounting report to the competent state agency, the adjustment of the tax accounting report shall be made as follows:
a) For adjustment according to a written request of a competent authority, the data reported in the previous year's report shall be adjusted at the request and must contain specific explanations.
b) For adjustments made by the tax authorities, the adjustment of the previous year's reported data shall be approved in writing by the Director of the General Department of Taxation with specific explanations.
3. After the tax accounting report has been approved by a competent state agency, if any adjustment is made, the previous year's data will be adjusted to the current year's report.”
Accordingly, the time of data closing for the preparation of tax accounting reports shall comply with the provisions of law. If there is an error in closing data for the preparation of tax accounting reports, it will be handled according to the above provisions, depending on each case.
Regulations on providing tax accounting in Vietnam information?
According to Article 31 of Circular 111/2021/TT-BTC stipulating as follows:
“Article 31. Provision of tax accounting information
1. The tax accounting unit shall send a report on provision of financial information to the State Treasury in accordance with the Government's Decree No. 25/2017/ND-CP dated March 14, 2017 on financial statements. government and guiding documents.
2. Tax accounting units provide tax accounting reports at the request of other competent authorities as prescribed by law.”
Accordingly, the provision of tax accounting information will be made in accordance with the above provisions.
Above are some regulations on tax accounting reports that will take effect in the near future.
Circular 111/2021/TT-BTC takes effect from July 1, 2022.
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