Report tax monthly, quarterly, true law [detailed instructions]

Tax reporting is a professional accounting extremely important and it is viewed as a bridge between management agencies, tax and business financial activities. Therefore, tax report, what to includethe object of the declaration as well as the penalty is the necessary information that businesses need to define in order to ensure the implementation of its obligations, the right process. Track articles of AccNet for details about how the tax declaration.

1. Report what is a tax?

Tax reporting operation is declare the bill value-added tax (VAT) input arising in the process of buying goods or services, the invoice by the unit released is value added tax output.

2. Identify objects and methods declaration

Before performing tax reportingyou need to identify your business belonging to any object and method declaration out why. From which to take responsibility and fulfill the obligations tax declaration according to the rule of law.

2.1 object declaration by month or by quarter?

Criteria to identify objects business tax reporting by month or by quarter as follows:

• If the business had revenue of less than 50 billion/year, you need to declare report tax on a quarterly basis.
• On the contrary, the business has a turnover of more than 50 billion/year, you need to declare the reports by month.
• New business establishment shall make the declaration in the quarter.

The majority of companies currently doing business in Vietnam today are made report templates quarterly. However, businesses need to identify the correct object declaration to ensure the submission of timely reports according to the rule of law.

2.2 Determine the direct declaration or deduction?

• Active business have revenue greater than 1 billion/year and register voluntarily, shall be declared by the method of deduction.
• On the contrary, with revenue of under 1 billion/year, it will declare according to the online method, except when the business registration voluntary declaration according to the method of deduction.

3. Tax report, what to include?

As a rule, the business enterprise in Vietnam each month and each quarter need to submit tax reporting. Each profile report will include: report value report corporate income tax, personal income tax and on the use of bills. Specific as follows:

3.1 reporting value added tax

The declaration required to submit the declaration of VAT:

• Declaration according to the method of deduction: the VAT declaration form no. 01/VAT.
• Declaration under the direct method: If direct declaration on the VAT, then use the template 03/VAT, even if the declaration directly on the revenue, then select the template 04/VAT.

Note: For the new business establishment would like to declare high tax according to the method of deduction, then registration submission Form 01/VAT.

3.2 report corporate income tax

Quarterly business will be charged the amount of tax payable based on the number of bills, vouchers and bookkeeping. In case there arises the amount of corporate INCOME tax will only need to provide account the lack thereof, the deadline is the 30th day of the next quarter. The business should note, case money CIT provisional filing each quarter, lower than the amount of tax payable according to the declaration settlement years greater than 20%, then the business will be fined.

3.3 personal income Tax

• If business statistics quarterly VAT declaration in the same PIT as well.
• If the number of personal income tax payable is greater than 50 million/month, the business must declare tax by month.
• Even if the PIT arose little more than 50 million/month, the declaration by you.

A number of issues to keep in mind when filing report on personal income tax:

• If the business does not incurred any tax deduction PIT of the month or quarter it is not necessary to submit a declaration.
• If the business use evidence from the PIT withholding must be made report income tax personaln use the voucher deduction on personal income tax in the quarter.

3.4 use of bills

As a rule, businesses are required to submit reports on the use of invoice to you according to sample NC26-AC. A note on reporting on the use of bills:

• All the business, including new business establishment must submit reports on the use of bills on a quarterly basis. Foreign case business located in the high risk of tax shall be reported according to months.
• Businesses still have to add the if statement in the period incurred of any invoice.
• If the business is newly established, and no notifications are issued invoices are not required to report on the use of bills.

4. Procedures for records required tax reports by month, quarter

A sample tax reporting fully, it needs to have the records required and the deadline for submission of the stars? The AccNet learn procedure record the need for a report, okay!

The record should submit	Declaration according to you	Declaration by month	Deadline for submission
Declaration of VAT	X	X	By month: latest on the 20th day of the following month. Tax report quarterly: Latest on the 30th day of the first month following quarter.
Declaration invoices, goods and services	X	X	The declaration is currently no lists
Declaration invoices, goods and services output	X	X	The declaration is currently no lists
The table declaration and appendix (if any)	X	X	The declaration is currently no lists
Declaration SCT is		X	Later on the 20th day of the following month. Declaration according to each arises: Deadline: within 10 days after the time the tax obligations.
Declaration invoices, goods and services tax excise
Declaration SCT deductible
Declaration PIT	X	X	By month: as Late as the 20th day of the following month. Quarterly: no Later than the 30th day of the first month of the following quarter.
Declaration PIT finalization year			The slowest is day 90 from the end of the calendar year.
Declaration settlement tax year	X	X	The slowest is day 90 from the end of the calendar year.
Love the use of bills	X	X	By month: Late most days 20 days of months after Quarterly: no Later than June 30, the first month of the following quarter

5. Penalties late submission of the declaration tax reporting

Infraction	The level of fines
Late payment of personal income tax, VAT, CIT	The penalty amount = the amount Of tax paid x 0.03% x Number of days late payment
Late submission of tax returns, VAT, PIT, CIT, SCT	The fines will depend on the duration of overdue fines: Exceed the time limit from 1 - 5 days: caution if there are extenuating circumstances Too deadlines from from 1-10 date: 700,000 vnd Exceed the time limit from 11-20 days: 1,400,000 Exceed the time limit from 21-30 days: 2.100.000 đ Exceed the time limit from 31-40 date: 2.800.000 đ Exceed the time limit from 41-90 date: 3.500.000 Expired on 90 days, but no additional tax payable: 3.500.000
Slow filing reports on the use of bills	Exceed the time limit from 1 - 10 days: caution if there are extenuating circumstances Exceed the time limit from 11 - 20 days: 2,000,000 vnd - 4.000.000 đ Exceed the time limit of 20 or non-payment: 4.000.000 đ - 8,000,000 vnd

Here is all the information about tax reporting what issubjects and methods declaration and procedure tax declaration and composition of declaration, etc. that businesses need to know and understand. For further advice about electronic tax reporting or calendar tax report 2022, contact AccNet.