The end of each financial year, the business entered the stage of “key window” the most important – set year-end tax report. This is not just a legal obligation mandatory, but also the basis for business self-assessment operational efficiency, calculate the right – enough tax obligations, at the same time optimal legal costs.
Many businesses are deploying solutions accounting job done right, enough year-end tax report back as more important than ever. Because if not properly accounted value of assets, depreciation or the cost of investment, the business will be vulnerable to the wrong number, leading to arrears of tax, penalty, administrative or take the opportunity to be tax incentives.
This article will help businesses understand step by step process tutorial how to make tax reporting end of the year, from check data to filing – standard latest regulations of the tax year 2024. At the same time, in-depth analysis the relationship between accounting, property tax obligations to the business not to make a mistake, proactive financial control.
1. Why enterprises need to understand the process and instructions on how to do year-end tax report?
Year-end tax report is not only legal obligations
According to the Law on tax Administration, every business has the obligation to pay year-end tax report to determine the amount of tax payable or refundable. The submission of wrong, missing, late-term can lead to:
- Administrative penalty from 5 million – 25 million depending on the severity of the violation (according to the Decree 125/2020/ND-CP).
- Is tax arrears, interest penalty for the tax not paid.
- Risk tax inspector interrupt production operations – business.
Year-end tax report is closely related to accounting asset
The business has invested in fixed assets (machinery, vehicles, software,...) should ensure:
- Recorded property right regulations: determine the correct initial value, the amortization period is valid.
- Depreciation right method to be included in the cost reasonable when settlement CIT.
- Allocation of investment costs over time, avoid recorded wrong affect tax obligations.
→ If the business is no good control of accounting data assets, year-end tax report to see serious flaws, losing weight for cost.
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2. Year-end tax report what is? Business must submit the kind?
Concept
Year-end tax report is the record aggregate tax obligations of the business in the financial year, including the settlement of the tax code as:
- Corporate income tax (CIT).
- Personal income tax (PIT).
- Use the invoice (if any).
- Comes as set of financial statements (FINANCIAL statements) has been examined, collated with the system of bookkeeping.
The type of report business need to file last year
Declaration settlement tax (Form 03/CIT)
- General revenue, cost, profit, depreciation cost, the hole is moved backward, tax incentives.
- Note: to exclude unreasonable expense (cost excess cost no bill...).
Declaration PIT finalization (Form 05/QTT-PIT)
- The aggregate income of the employee, the money was deducted, the amount of tax payable.
- Businesses need to collate payroll, labor contracts, declarations month/quarter.
Annual financial report
- Includes templates: balance sheet reports the results of business, cash flows, notes to FINANCIAL statements.
- Is the mandatory document sent as an attachment to the tax records.
Report on the use of bills (if available)
- If businesses still use paper invoices or invoices, need to report the release, use, get, delete the invoice.
3. Detailed instructions how to do year-end tax report step by step
Instructions on how to do year-end tax report is not merely the complete data in the declarations, which is the process of synthesis – for projectors – analysis – filing. Businesses have active property investor, these steps as require precision, synchronized.
Step 1: collate, check accounting data
Before setting any tax reporting on how businesses need to check the entire accounting data:
- Revenue – cost – profit: yes coincide with the invoice, receipt/payment, bank statement not?
- Depreciation fixed assets: has been accounted for right time, the right method (according to circular no. 45/2013/TT-BTC)?
- Reasonable cost valid: yes full invoices? Can pass off the level permitted under the tax rules?
- Receivables/payables, inventory: need for screening with the table in appendix details (window, banking, cash book, window public debt).
Note: The data depreciation from accounting software should be forwarded to the financial statements – tax to ensure synchronization.
Step 2: preparation of financial statements in full according to the instructions on how to do year-end tax report
Before the establishment of tax and businesses that need to set up the reporting financial year-end include:
- Balance sheet: reflect total assets – capital at the end of the year.
- Report results of business activities: express revenue, cost, profit.
- Statements of cash flows: help determine the cash flow real on – off.
- Notes to financial statements: explained in detail key metrics such as cost, depreciation of assets, receivables, long-term tools to allocate...
These metrics will be the basis for the declaration settlement CIT, PIT.
Step 3: Set up the declaration settlement corporate income tax (CIT)
Template: 03/CIT circular 80/2021/TT-BTC
Main content:
- Sales tax: not included account is tax-free.
- Deductible expenses: have invoices, vouchers are valid; do not exceed the specified level.
- Depreciation fixed assets: only be charged if the property is eligible noted, the depreciation of the right method.
- Preferential corporate INCOME tax (if any): apply by industry, region, investment in high-tech...
- Accumulated losses: if there is need to specify the number of holes is moved backward as prescribed.
Errors frequently: Not exclude the costs unreasonable → led to the corporate INCOME tax is adjusted upward.
Step 4: Set up the declaration settlement personal income tax (PIT)
Template: 05/QTT-PIT
Steps taken:
- Synthesis of the entire taxable income of the employee in the year (from the salary, allowances...).
- Determine the part has been deducted in the year → compare tax payable.
- Objects have the authorization, settlement, no authorization should be separate.
- Individual cases have a high income, multiple sources → a guide to direct or apply through institution pay.
Note: Some businesses forget to update income current account or costs, in addition to wage → leads to a lack of settlement.
Step 5: Filing electronic tax due date
- Deadline: no later than 90 days from the date of end of financial year (usually October 31/3).
- Hình thức nộp: Qua cổng thuế điện tử (https://thuedientu.gdt.gov.vn/), cần có chữ ký số hợp lệ.
- Documents to attach:
- Declaration settlement CIT, PIT.
- Annual financial report.
- Appendix of fixed assets, tools and supplies (if the tax authorities request).
→ After submission, the business should save receipts electronically, the entire profile filed in at least 10 years.
4. Points to note when making instructions on how to do year-end tax report
Job done right the declaration is not enough if the business does not pay attention to the factors that often cause arrears or exclude the cost. Especially when related to fixed assets.
Fixed assets - depreciation
- The property does not qualify (according to circular 45): don't be recorded as fixed assets → depreciation is not valid.
- Depreciation exceeds the level specified: for example business arbitrarily adjust the time depreciation faster frame rules → the cost is not charged to tax costs.
- No registration depreciation initial to the tax or no commissioning and handover → not qualified.
Recommendations: Should use accounting software to automatically calculate depreciation regulations, cumshot, appendix details.
The expenses are not counted in the cost reasonable while doing year-end tax report
- Chi no bills, vouchers: as spent outside the window, cash payments >20 million.
- Detail receptions – advertising – promotional beyond the ceiling: 15% of the total reasonable cost.
- Spending financed not the right audience is tax incentives: will be removed from the cost of the tax.
Update the latest changes in tax regulations
- From 2022 to date, several rules changes on the electronic invoice, the time of revenue recognition, income tax-free...
- Circular 80/2021/TT-BTC and circular 132/2018/TT-BTC of accounting COMPANIES of small, medium, additional details about establishment, financial statements, tax returns.
Business should be regularly updated through the website and the General department of Taxation, or work with consultants tax credits.
5. Introduction software support statements, year-end tax
In the digital age, the use of accounting software to help businesses save time, ensure accuracy, comply with the law. However, businesses are applying accounting assets, the need to distinguish the role of software, general accounting, accounting software assets to avoid confusion when reporting tax year-end.
AccNet Cloud – supported establishment of the declaration CIT, PIT
This is accounting software synthetic popular today, with the ability to support business in the:
- Financial reporting automatically.
- Create a declaration CIT, PIT, according to the latest model.
- The output XML file to file by the tax system, electronic.
- Automatic updates, circulars, new rules from the General department of Taxation.
Businesses are investing in machinery, equipment, vehicles, big tool... need to have accounting software separately to:
- Recognition, classification of assets according to accounting standards.
- Automatic calculation of depreciation, the cost allocation according to states.
- Data integration depreciation at a reasonable cost to set up tax reporting.
- Access historical data, asset inventory to service inspections, audits, tax settlement.
Suggestions: Software asset management as AccNet Asset help enterprises standardize data depreciation – it is very necessary when making settlement tax last year.
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6. Checklist year-end tax report for business
Below is the check list (checklist) from the how-to guides year-end tax report to help businesses active in the preparation of records, avoid errors when doing year-end tax report:
Check and compare accounting data
- Revenue, expenses, profit/loss.
- Table depreciation of fixed assets.
- Collated debts and inventory.
Full set of financial statements
- Balance sheet accounting.
- Report results of business activities.
- Statements of cash flows.
- Notes to FINANCIAL statements.
Finishing the declaration, annex tax
- Settlement tax CIT (03/CIT).
- PIT finalization (05/QTT-PIT).
- Report the situation to use invoice (if there is).
Filing the correct term storage, full
- Filed before the date 31/3 years later.
- Records on hard copy, soft copy of at least 10 years.
Instructions on how to do year-end tax report not just to “deal” with the tax authorities, but also the opportunity for businesses to re-evaluate comprehensive financial health, the level of efficiency in cost management – investment property.
With the ongoing business accounting solution property, ensuring the accuracy between data assets – depreciation – reasonable cost, tax reporting are key steps to:
- Avoid being excluded costs → reduce the risk arrears.
- Optimization of tax payable by applying the right tax incentive policy.
- Set system accounting – tax – property sync, transparent.
Your business is ready to submit tax reports, right – enough – right term yet? Let's start from the standardized accounting system, using suitable software, control asset depreciation – to enhance the financial capacity, transparency, tax firm in every inspection and settlement.
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