Guidance on Accounting for Late Payment Penalties According to MLNSNN Sub-item

08:54, 11/07/2024

The General Department of Taxation has Official Dispatch 1147/TCT-KK providing guidance on the implementation of the revised and supplemented state budget classification system according to Circular 300/2016/TT-BTC. Accordingly:

- From the date of closing the books in February 2017, the late payment interest is calculated and accounted for according to the new sub-item based on the chapter and sub-item of the principal debt.- For the amounts still to be paid, overpayment of late payment interest under sub-item 4911 and 4268 calculated up to the end of February 2017:- The General Department of Taxation upgrades the application to support the conversion to the new sub-item at the closing time of February 2017.

If the principal debt cannot be determined, it will be temporarily transferred to sub-item 4943.- For the overpayment of late payment interest under sub-item 4911: Retain and do not convert. The tax authority is responsible for reviewing and ensuring the accuracy of these overpayments.

Additionally, the General Department of Taxation also stipulates the roadmap for upgrading information technology applications to comply with Circular 300/2016/TT-BTC in 4 phases.

See detailed instructions at Official Dispatch 1147/TCT-KK issued on March 29, 2017.

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