05 Important Tasks Accountants Must Complete in May 2018

1. Notifications of Labor Fluctuations Before May 3, 2018

Before May 3, 2018, you must notify the Employment Service Center where your workplace is located of any labor fluctuations in April at your unit.

In cases where the company reduces 50 or more employees in the month, immediate notification to the Employment Service Center is required for support and advice promptly.

Notifications should be made using Form No. 29 in Circular 28/2015/TT-BLDTBXH.

Download Form No. 29 for labor fluctuation notifications HERE.

2. Declaration and Payment of VAT, CIT, and PIT

According to Article 17 of Circular 151/2014/TT-BTC, quarterly, companies must provisionally pay corporate income tax (CIT) for that quarter no later than the 30th (thirtieth) day of the following quarter. Companies only need to pay the provisional tax amount without submitting a tax declaration. However, April 30, 2018, falls on the 30/4 and 01/5 holiday break, thus:

For companies declaring taxes quarterly: No later than May 2, you must file the VAT declaration for Q1/2018; Personal Income Tax (PIT) declaration for Q1/2018; Report on Invoice Usage for Q1/2018, and provisionally pay CIT for Q1/2018.

For companies declaring taxes monthly:

- No later than May 2, you must provisionally pay CIT for Q1/2018 and the Report on Invoice Usage for Q1/2018.- No later than May 21, you must declare and pay VAT and PIT for April 2018.

Download the tax declaration forms HERE.

3. Contribution of Social Insurance, Health Insurance, and Unemployment Insurance Before May 31, 2018

According to Decision 595/QD-BHXH, companies must contribute Social Insurance (SI), Health Insurance (HI), and Unemployment Insurance (UI) no later than the last day of the month.

Additionally, companies must deduct from the monthly salary for mandatory SI, UI, and HI contributions for each employee as per the prescribed rate, and transfer the amounts simultaneously to the specialized receipt account of the Social Insurance agency at banks or the State Treasury.

Therefore, no later than May 31, contributions for SI and HI for employees must be made.

See the contribution rates for SI, HI, and UI for companies HERE.

4. Union Fees Payment Alongside SI, HI Contributions

Monthly, companies must pay Union Fees at the same time as SI contributions. For organizations, agricultural, forestry, fishery, and salt production businesses, they can choose to pay monthly or quarterly.

The Union Fees rate is 2% of the salary fund used as the basis for SI contributions for employees.

The above content is based on Decree 191/2013/ND-CP.

5. Natural Disaster Prevention Fund Contribution

Before May 30, independently audited companies must contribute 50% of the required fund, with the remaining amount to be paid before October 30 annually as stipulated in Decree 94/2015/ND-CP.

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