What are the cases of tax declaration and tax payment in convertible foreign currencies in Vietnam? What are the regulations on currencies in tax declaration and tax payment in Vietnam?
What are the cases of tax declaration and tax payment in convertible foreign currencies in Vietnam?
Cases of tax declaration and tax payment in convertible foreign currencies according to Clause 1, Article 4 of Circular No. 80/2021/TT-BTC include:
- Petroleum exploration and extraction (except crude oil, condensate, natural gas for sale in Vietnam or otherwise prescribed by the Government), including:
+ Resource royalty, corporate income tax (CIT);
+ Surcharges on distributable surplus of oil in case of increase in crude oil price;
+ Profit on oil and gas distributed to the host country;
+ Signature bonus;
+ Discovery bonus;
+ Production bonus;
+ Payment for access to petroleum documentation;
+ Damages for non-fulfillment of minimum requirements;
+ CIT on income from transfer of right to participate in petroleum contracts;
+ Special taxes, surcharges and CIT on retained oil surplus of Vietsovpetro JV in block 09.1 that are declared and paid to state budget using convertible foreign currencies.
- Fees, charges and other amounts collected by diplomatic missions of the Socialist Republic of Vietnam.
Declared and paid to state budget using the foreign currencies prescribed in the documents on fees, charges and other amounts.
- Fees and charges that may be collected in foreign currencies by agencies and organizations in Vietnam:
Declared and paid to state budget using the foreign currencies prescribed in the documents on fees and charges.
- E-commerce, digital platform-based business and other services provided by overseas suppliers without permanent establishments in Vietnam:
Declared and paid to state budget using convertible foreign currencies.
What are the cases of tax declaration and tax payment in convertible foreign currencies in Vietnam? What are the regulations on currencies in tax declaration and tax payment in Vietnam?
What are the regulations on currencies in tax declaration and tax payment in Vietnam?
Currencies in tax declaration and tax payment according to Clauses 1, 2 and 3, Article 7 of the 2019 Law on Tax Administration in Vietnam are as follows:
- The currency for tax declaration and payment is the Vietnamese Dong, except for cases where tax declaration and payment in foreign convertible currencies are allowed.
- Taxpayers who do bookkeeping in foreign currencies in accordance with the Accounting Law must exchange such bookkeeping into the Vietnamese dong based on the exchange rates applicable when the transaction is conducted.
- For imported and exported goods, the currency for tax payment is the Vietnamese Dong, except for cases where tax declaration and payment in foreign convertible currencies are allowed. Exchange rates used for taxation shall follow provisions on customs.
What are the deadlines for submission of tax declaration dossiers of taxes declared monthly?
Pursuant to Article 44 of the 2019 Law on Tax Administration in Vietnam stipulating as follows:
Deadlines for submission of tax declaration dossiers
1. Deadlines for submission of tax declaration dossiers of taxes declared monthly and quarterly:
a) For taxes declared monthly: the 20th of the month succeeding the month in which tax is incurred;
b) For taxes declared quarterly: the last day of the first month of the succeeding quarter.
2. For taxes declared annually:
a) For annual tax statement dossiers: the last day of the 3rd month from the end of the calendar year or fiscal year. For annual tax declaration dossiers: the last day of the first month from the end of the calendar year or fiscal year;
b) For annual personal income tax statements prepared by income earners: the last day of the 4th month from the end of the calendar year;
c) For presumptive tax declarations prepared by household businesses and individual businesses: the 15th of December of the preceding year. For new household businesses and individual businesses: within 10 days from the date of commencement of the business.
3. For declaration of taxes that are declared and paid upon incurrence: the 10th day from the day on which tax is incurred.
4. For tax declaration dossiers upon shutdown, contract termination, business conversion or business re-arrangement: the 45th day from the occurrence of the event.
5. The Government shall specify the deadlines for submission of statements of farming land levies, non-farming land levies; land levies; land rents, water surface rents; mineral extraction licensing fee; water resource extraction licensing fee; registration fee; licensing fees; other amounts payable to state budget in accordance with regulations of law on management and use of public property; multinational profit reports.
6. Deadlines for submission of customs dossiers of exports and imports are specified by the Law on Customs.
7. In case a taxpayer declares tax electronically on the last day of the time limit for declaration and the information portal of the tax authority is not functional, the taxpayer may submits the electronic declaration on the next day after the online portal is functional again.
According to the above regulations, the deadlines for submission of tax declaration dossiers of taxes declared monthly are the 20th of the month succeeding the month in which tax is incurred.
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