2023 Tax Filing Deadlines You Need to Know in Vietnam
According to the provisions
of Vietnam tax law, on monthly or quarterly companies will need to submit
various types of tax reports and tax returns: License fees; Value added tax
declaration; Personal income tax return; Corporate income tax finalization
declaration. Knowing the deadlines for submitting tax reports and paying taxes
on time not only helps companies proactively capture information and arrange
for tax payment in accordance with state regulations, but also avoids many
risks. Risk of penalties for violations in the field of tax laws occur if the
declaration is filed late, or not filed. Company also could hire professional
specializing in tax matters or tax lawyers for advice in the area of tax
compliance in Vietnam to improve the efficiency and optimize business strategies.
What is deadline for
filing Vietnam annual license fee?
Annual license fee
is the amount the enterprise must pay annually based on the amount of charter
capital stated on the certificate of business registration, and to be paid
annually since the starting of the business. The company(except business
households and business individuals) which has been newly established
(including small and medium-sized enterprises converting from household
businesses) or has established more dependent units, business locations has to
file the license fee declaration dossiers no later than January 30th of the following the year of establishment or starting of
business activities, production and business activities. In case the enterprise
has a change in charter capital during the year, the enterprise shall submit
the license fee declaration dossier no later than January 30th of the year following the year in which the changed
information arises.
What is deadline for
filing value added tax (VAT) in Vietnam?
This is an
indirect tax, calculated based on the added value of goods and services that
consumers have to pay when buying goods or services. The person who directly
fulfills the tax payment obligation to the tax authority will be an enterprise
or a production unit. The deadline for submitting VAT declaration dossiers is
the 20th day of the month following the month in
which the tax liability arises, for enterprises that declare and pay monthly;
and the last day of the first month of the quarter following the quarter in
which tax obligations arise for enterprises that declare and pay quarterly.
What is deadline for
filing corporate income tax (CIT) in Vietnam?
Corporate income tax is
a tax calculated based on the profit of an enterprise, which is a percentage of
the positive result of revenue after deducting reasonable expenses i.e. cost of
goods or services, rent, salary, travel,… as prescribed by the Law on Corporate
Income Tax. For corporate income tax, enterprises will temporarily pay
quarterly, and the deadline for tax payment is the 30th day of the first month of the next quarter.
What is deadline for
filing personal income tax (PIT) in Vietnam?
Personal income tax is a
tax paid by a company on behalf of employees working at the company. Personal
income tax is calculated on a monthly basis, and be declared monthly or
quarterly and settled annually. If the enterprise declares and pays personal
income tax on a monthly basis (in case the enterprise declares value added tax
on a monthly basis and the payable personal income tax amount in the month of
VND 50 million or more), the deadline of filing PIT is no later than the 20th
day of the following month. If the enterprises declare and pay personal income
tax quarterly (in case the enterprise declares value added tax quarterly or the
enterprise declares value added tax on a monthly basis and the amount of
personal income tax must be paid is less than 50 million dong in a month), the
deadline for filing PIT is no later than the 30th day of the next quarter.
It is important to file
tax reports of all kinds on time but it is also equally important to manage the
tax filing, and paying properly in a way that maximize the benefits of the
company according to tax law taking advantage of deduction allowable by laws.
Hence tax experts and tax lawyers could be consulted for advice on the
regulations and tax laws in Vietnam.
ANT Lawyers, a law firm in Vietnam will
always follow up with authorities for legal update on matters relevant to
international trade and tax to update clients on regular basis.
You could learn more about ANT Lawyers International Trade and Tax or contact our International Trade Dispute Law Firm in Vietnam for advice via email ant@antlawyers.vn or call our office at +84 28 730 86 529
Source ANT Lawyers: https://antlawyers.vn/library/tax-filing-deadlines-you-need-to-know-in-vietnam.html
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