Vietnam: Issuance of reporting policies on domestic revenues

Reporting policies on domestic revenues in Vietnam

Decision 269/QD-TCT, effective from January 1, 2024, will be uniformly applicable across the taxation sector from the budget year of 2024, abolishing the tax accounting report templates stipulated in Decision 259/QD-TCT dated March 17, 2006, regarding the amendment and supplementation of tax statistics and tax accounting and reporting policies, Decision 564 TCT/QD/KH dated December 22, 1993, regarding the amendment and supplementation of tax accounting policies, and other relevant documents of the General Department of Taxation in Vietnam on guiding the revision of related forms.

The reporting policies on domestic revenues in Vietnam are defined as follows:

- Quick Report: The reported data is aggregated daily, including the revenue collected for the State Budget on the reporting day, for the reporting month, and cumulatively for the year.

- Monthly domestic revenue Report: The reported data is calculated from the 1st to the last day of the month. The monthly report includes the revenue collected for the State Budget in the month and cumulatively up to the reporting month.

- Annual Report: It consolidates the revenue collected for the State Budget within the reporting year, from January 1 to December 31 of the reporting year, and after closing the annual accounting books.

- Timing of data finalization to prepare domestic revenue reports:

+ The timing for finalizing the monthly domestic revenue report data is the 10th of the following month. Tax authorities at all levels in Vietnam must prepare and store the reports as prescribed in Article 8 of Decision 269/QD-TCT.

+ The time for finalizing the annual domestic revenue report data is divided into two stages:

+ Data finalization at the time of closing annual accounting books: March 31 of the following year.

+ Final data finalization: Before the deadline for finalizing the Local Budget according to the current Law on State Budget. In the event that there are adjustments to final settlement data of the previous year after the final data finalization, an explanation must be provided as directed by the competent authority.

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