Vietnam: What is the latest declaration form of CIT finalization for petroleum? Shall CIT on petroleum be declared annually?
What is the latest declaration form of CIT finalization for petroleum in Vietnam?
The latest declaration form of CIT finalization for petroleum in Vietnam is Form No. 02/CIT-DK specified in Appendix II issued together with Circular 80/2021/TT-BTC:
Download the latest declaration form of CIT finalization for petroleum in Vietnam: Here.
In what cases is the CIT finalization declaration for petroleum in Vietnam used? Shall CIT on petroleum be declared annually?
Pursuant to Subsection b Section 14.5 specified in Appendix I promulgated together with Decree 126/2020/ND-CP and Point h, Clause 6, Article 8 of Decree 126/2020/ND-CP as follows:
Article 8. Taxes declared monthly, quarterly, annually, separately; tax finalization
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6. The following taxes and amounts shall be declared annually and finalized when an enterprise is dissolved, shuts down, terminates a contract or undergoes rearrangement. In case of conversion (except equitized state-owned enterprises) where the enterprise after conversion inherits all tax obligations of the enterprise before conversion, tax shall be finalized at the end of the year instead of the issuance date of the decision on conversion. Tax shall be finalized at the end of the year):
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h) Resource royalty, corporate income tax, profit on petroleum receivable by the host country for extraction and sale of crude oil and natural gas; surcharges in case of increase in crude oil price; special tax adjustments for extraction and sale of natural gas by Vietsovpetro in block 09.1.
Thus, according to the above regulations, the CIT finalization declaration for petroleum is used when declaring the CIT finalization for extraction and sale of crude oil and natural gas (except Block 09.1).
According to the above provisions, CIT on petroleum will be declared annually.
When is the deadline for submitting CIT declaration dossiers for petroleum in Vietnam?
Pursuant to Clause 2, Article 44 of the Law on Tax Administration 2019 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 submit the electronic declaration on the next day after the online portal is functional again.
Thus, according to the above regulations, the deadline for submitting CIT declaration dossiers for petroleum in Vietnam is the last day of the 3rd month from the end of the calendar year or fiscal year.
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