Vietnam: What months does the third quarter of a year include? What are the deadlines for submission of tax declaration dossiers for all four quarters of 2024?
What months does the third quarter of a year include?
Quarter is the concept of time, used to divide time in the year. A year will consist of 4 quarters as follows:
- The first quarter of the year will start from January to the end of March.
- The second quarter of the year will start from April to the end of June.
- The third quarter of the year will start from July to the end of September.
- The fourth quarter of the year will start from October to the end of December.
So, what months does the third quarter of a year include?
According to the analysis above, the third quarter of a year includes 3 months, from July to the end of September.
What are the deadlines for submission of tax declaration dossiers for all four quarters of 2024 in Vietnam?
Under Article 44 of the Law on Tax Administration 2019, the deadlines for submission of quarter tax declaration dossiers are specified 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.
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Thus, the deadlines for submission of tax declaration dossiers for all four quarters of 2024 in Vietnam are specified as follows:
- Deadline for submission of tax declaration dossiers for the first quarter of 2024: No later than July 31, 2024.
According to regulations, the deadline for submission of tax declaration dossiers for the first quarter of 2024 will be April 30, 2024. However, April 30, 2024 and May 1, 2024 are public holidays. Therefore, the deadline for submission of tax declaration dossiers for the first quarter of 2024 is no later than July 31, 2024.
- Deadline for submission of tax declaration dossiers for the second quarter of 2024: No later than July 31, 2024.
- Deadline for submission of tax declaration dossiers for the third quarter of 2024: No later than October 31, 2024.
- Deadline for submission of tax declaration dossiers for the fourth quarter of 2024: No later than January 31, 2025.
What are the penalties imposed on entities delaying the submission of tax declaration dossiers in Vietnam?
Article 13 of Decree 125/2020/ND-CP stipulates penalties for violations against regulations on deadlines for submission of tax declaration dossiers as follows:
(1) Penalties imposed in form of cautions shall be imposed for violations arising from filing tax declaration dossiers from 01 to 05 days after expiration of the prescribed time limits under mitigating circumstances.
(2) Fines ranging from VND 2,000,000 to VND 5,000,000 shall be imposed for the act of submitting tax declaration dossiers from 01 to 30 days after expiration of the prescribed time limits, except the cases specified in clause 1 of Article 13 of Decree 125/2020/ND-CP.
3. Fines ranging from VND 5,000,000 to VND 8,000,000 shall be imposed for the act of submitting tax declaration dossiers from 31 to 60 days after expiration of the prescribed time limits.
(4) Fines ranging from VND 8,000,000 to VND 15,000,000 shall be imposed for one of the following violations:
- Filing tax declaration dossiers from 61 to 90 days after expiration of the prescribed time limits;
- Filing tax declaration dossiers at least 91 days after expiration of the prescribed time limits if none of additional taxes is incurred;
- Failing to submit tax declaration dossiers if none of additional taxes is incurred;
- Failing to submit annexes under regulations regarding tax administration by enterprises having related-party transactions, enclosing CIT finalization dossiers.
(5) Fines ranging from VND 15,000,000 to VND 25,000,000 shall be imposed for the act of filing tax declaration dossiers more than 90 days after the prescribed deadline if such act results in additional taxes to be paid, and the taxpayer has fully paid taxes, deferred amounts into the state budget before the time of the tax authority’s announcement of the decision on tax inspection and examination, or before the time of the tax authority’s issuance of the report on the deferred submission of tax declaration dossiers under the provisions of clause 11 of Article 143 in the Law on Tax Administration.
(6) Remedies:
- Compelling the full payment of deferred tax amounts into the state budget concerning the commission of the acts prescribed in clauses 1, 2, 3, 4 and 5 of Article 13 of Decree 125/2020/ND-CP if the taxpayer delays filing their tax return, leading to the late payment of taxes;
- Compelling the submission of tax declaration dossiers, enclosing annexes, in case of committing the acts specified in points c and d of clause 4 of Article 13 of Decree 125/2020/ND-CP.
Note: The fine mentioned above applies to organizations. For organizations, the fine shall be doubled.
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