Domestic revenue reporting system and regime in 2024 under the latest regulations in Vietnam

Domestic revenue reporting system and regime in 2024 under the latest regulations in Vietnam (Internet image)

Regarding this issue, LawNet would like to answer as follows:

1. Requirements for domestic revenue report in Vietnam in 2024

According to Article 4 of the domestic revenue reporting regime issued with Decision 269/QD-TCT in 2024, the requirements for domestic revenue reporting are as follows:

- The domestic revenue report must be prepared according to the form prescribed in Decision 269/QD-TCT 2024, the indicators in the domestic revenue report must fully and accurately reflect tax revenues; other revenues belonging to the state budget are collected by the tax agency; and other revenues belonging to the state budget are not managed and collected by the tax agency arising in the area. The aggregated indicators on the domestic revenue report must ensure consistency with relevant regulations on synthesizing state budget revenues.

- The data on the report must fully and accurately reflect domestic revenues generated by the reporting period, ensuring compliance with the State Treasury's data in total and in detail according to the State Budget Table of Contents.

- The Tax Authority shall finalize the data for reporting, prepare, summarize, and approve the report according to the deadline specified in this Decision. In case the deadline for closing data for reporting, the deadline for preparing, synthesizing, and approving the report coincides with a prescribed holiday, the deadline for closing data for reporting, the deadline for preparing, synthesizing, and approving the report is calculated as the working day immediately following that day off.

2. Domestic revenue reporting regime in Vietnam in 2024

- Quick report: reported data is compiled by day, including state budget revenue data on the reporting day, in the reporting month, and accumulated yearly.

- Monthly domestic revenue report: reported data is calculated from the 1st to the last day of the month. Monthly reports include state budget revenues in the month and accumulated up to the reporting month.

- Annual report: summarizes state budget revenues in the reporting year, including state budget revenues during the period from January 1 to December 31 of the reporting year and after closing the annual accounting books.

- Time to close data to prepare the domestic revenue report:

+ The closing time for monthly domestic revenue report data is the 10th of the following month. Tax authorities at all levels prepare and save reports according to the provisions of Article 8 of the domestic revenue reporting regime issued with Decision 269/QD-TCT in 2024.

+ Time to close annual domestic revenue report data: Divided into 2 stages:

++ Closing data at the time of closing the year's accounting books: March 31 of the following year.

++ Final data closing: before the deadline for finalizing the local budget according to the provisions of the current Law on State Budget. If, after the final data closing, the previous year's settlement data is still adjusted according to the decision of the competent authority, there must be an explanation.

(Article 5 of the Domestic revenue reporting regime issued together with Decision 269/QD-TCT 2024)

3. Domestic revenue reporting system in Vietnam in 2024

The domestic revenue reporting system applies to tax authorities at all levels:

(1) Domestic revenue report according to the Tax Authority:

- Purpose: reflects the state budget revenue of each tax agency assigned to manage collection.

- Reporting principles:

The domestic revenue report, according to the Tax Agency, is used to evaluate the results of state budget revenue collection by the tax agency responsible for revenue management. It is compiled from the documents submitted to the state budget, with the tax agency code being the tax agency directly managing the taxpayer, the tax agency managing the allocated territory, and the tax agency managing state budget revenue as stipulated in the Law on Tax Administration 2019 and related implementing guidelines, detailed by each territorial tax agency responsible for revenue management.

For other state budget revenues not managed by the Tax agency, the Tax agency assigned to manage state budget revenue records according to information provided by the State Treasury.

- Basis for reporting:

+ Documents submitted to the state budget are transmitted by the State Treasury to the Tax agency

+ State budget revenue and borrowing report (form B2-01/NS) of the State Treasury

+ State budget revenue and borrowing reports according to Chapters and Subsections (form B2-02/NS) of the State Treasury

(2) Domestic revenue report by area:

- Purpose: reflects the amount of state budget revenue arising in each area assigned to estimate state budget revenue.

- Reporting principles:

The local revenue report is used to evaluate the results of state budget revenue collection for the assigned territory's state budget revenue estimation, which is compiled from the documents submitted to the state budget with the tax agency code being the tax agency directly managing the taxpayer, the tax agency managing the allocated territory, and the tax agency managing state budget revenue as stipulated in the Law on Tax Administration 2019 and related implementing guidelines. Additionally, it has the same territorial code as the assigned territory for state budget revenue estimation.

For other revenues belonging to the state budget that are not managed by the Tax agency, the Tax agency records them according to information provided by the State Treasury in the area assigned to the state budget revenue estimate.

- Basis for reporting:

+ Documents submitted to the state budget are transmitted by the State Treasury to the Tax agency

+ State budget revenue and borrowing report (form B2-01/NS) of the State Treasury

+ State budget revenue and borrowing reports according to Chapters and Subsections (form B2-02/NS) of the State Treasury

The list and forms of domestic revenue reports are specified in detail in the Appendix issued with Decision 269/QD-TCT in 2024.

(Article 6 of Domestic revenue reporting regime issued together with Decision 269/QD-TCT 2024)

Nguyen Ngoc Que Anh

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