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21 August, 2019

Deadline for submission of financial statements, tax returns

[Latest Information]: What is the deadline for filing tax returns and tax reports? What are the specific deadlines for filing tax returns and taxes? To which agency should the above documents be submitted? Asiasoft would like to share the above content with readers through the article below.

I. What is the deadline for submitting tax declarations and reports?

The deadline for filing tax returns, tax reports or taxes is the last day the business has to fulfill its obligations to submit tax returns, tax reports and taxes to the Management Authority.

II. Time limit for submitting tax returns and reporting to the reporting agency1. Deadline for submission of CIT Finalization and Annual Financial Statement

  • Before July 1, 2020: No later than 30 days from the end of the fiscal year;
  • Before July 1, 2020: No later than the last day of the first quarter since the end of the fiscal year.

The agency receiving the above report is submitted to the tax administration agency directly.

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2. Deadline for submission of PIT Finalization

Different from the deadline for annual financial statements as well as CIT finalization, PIT finalization is 90 days from the end of the calendar year. Thus, the deadline for submitting PIT finalization does not depend on the financial year of the enterprise.

The direct management tax authority is the place where the enterprise’s PIT finalization is received.

3. Deadline for submission of audit report

No later than 90 days from the end of the fiscal year

Audit reports are only applicable to enterprises that are required to be audited.

Audit reports are submitted to agencies such as:

Directly managed tax authorities
Department of Finance where the enterprise registers its main business office;
Statistical Office;
Management board of export processing zones, industrial parks and high-tech zones.4. Deadline for submitting VAT returns quarterly and monthly

The deadline for submitting VAT declarations depends on whether the business declares VAT on a monthly or quarterly basis.

Declare by Month: No later than the 20th of the following month;
Quarterly declaration: Before July 1, 2020: No later than the 30th of the first month of the following quarter;

After July 1, 2020: No later than the last day of the first month of the following quarter;

Note:

Declare by  Month  in caseTotal revenue sales of goods and provision of services of the previous year adjacent year is greater than VND 50 billion.

Declare by Quarterly: Total revenue sales of goods and provision of services of previous year adjacent year from 50 billion VND or less.

In case the taxpayer has just started production and business activities, he/she shall declare quarterly. After full 12 months of production and business, from the next “calendar” year, it will be based on the revenue from the sale of goods and services. service of the preceding calendar year to determine whether to declare VAT on a monthly or quarterly basis.

Performing monthly or quarterly tax returns is stable for the whole calendar year and stable for a 3-year cycle

Place of payment: Directly managed tax agency.

5. Time limit for paying contractor tax, other taxes…

With other tax contractors… enterprises declare monthly or declare each time they arise.

Place of payment: Directly managed tax agency.

6. Time limit for paying PIT by Quarter, by Month

The deadline for submitting a monthly or quarterly personal income tax return depends on whether the business declares VAT on a monthly or quarterly basis and the amount of personal income tax payable in the month.

Monthly PIT declaration when:

Enterprises declaretax VAT by month and the amount of PIT payable from  50 million/month or more.

Quarterly PIT declaration in one of the two cases below:

Enterprises declare VAT quarterly;
Enterprises declare VAT on a monthly basis and the payable PIT amount is less than VND 50 million/month;

Deadline for submitting PIT return:

Monthly declaration: No later than the 20th of the following month;
Quarterly declaration:

Before July 1, 2020: No later than the 30th of the first month of the following quarter;

After July 1, 2020: No later than the last day of the first month of the following quarter;

Place of payment: Directly managed tax agency.

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7. Deadline for submission of invoice usage report

Monthly payment: No later than the 20th of the following month
Quarterly payment: No later than the 30th of the first month of the following quarter;

Note:

Newly established enterprises, enterprises using self-printed or ordered invoices that commit violations are not allowed to use self-printed or ordered invoices. Tax authorities quanaccording to the instructions in Article 11 of Circular No. 39/2014/TT-BTC submit the report on the use of invoices on a monthly basis.

In the remaining case, declare the Quarterly report on the use of invoices.

8. Deadline for submission of reports on the use of PIT withholding vouchers

The deadline for payment is the 30th of the first month of the quarter;

Place of payment: Directly managed tax agency.

9. Explaining report on demand for foreign workers/Explaining report on changing demand for foreign workers

Only enterprises employing foreign workers are required to submit this report and submit it to the  Ministry of Labour, War Invalids and Social Affairs or the Provincial People’s Committee;

The deadline for payment is the 30th day at the latest from the expected date of employment of foreign workers.

10. Notification of monthly labor changes

Only enterprises have changes (increase or decrease) in the number of employees working before the 3rd day of the following month.

Place of submission: Employment service center where the head office is located

11. Announcement of labor changes

The deadline for submitting a notice of change in labor is prescribed as follows:

Report for the first 6 months of the year: May 25
Report for the last 6 months of the year: November 25

Similar to the monthly labor change notice, the labor change notice is also filed at the  Employment Service Center where the head office is located.

III. Business tax payment deadline

1. Time limit for paying license tax fee

The latest deadline for paying the license fee is January 30 of each year and it must be paid to the tax authority directly managing it.

2. Time limit for paying CIT

Deadlines for submission are as follows:

Before July 1, 2020: No later than 30 days from the end of the fiscal year;
Before July 1, 2020: No later than the last day of the first quarter since the end of the fiscal year
The minimum temporary payment amount is equal to 80% of the payable tax amount of that year.

Note : In order not to be charged late payment, the amount of temporary payment must be at least 80% of the payable tax amount of that year.

Place of payment: Directly managed tax agency.

3. Time limit for VAT payment, PIT payment

Monthly or quarterly VAT payment deadlines and monthly or quarterly PIT payments have the same payment deadlines as for each type of declaration.

Place of payment: Directly managed tax agency.

4. Time limit for paying trade union dues

The deadline for submission is the  last day of the month;

Place of submission: Trade union organization.

5. Time limit for payment of social insurance, health insurance and unemployment insurance

Duration:

Before the last day of the month (closed monthly)
Before the last day of the closing period (closed quarterly or every 6 months)

Place of submission: Social insurance agency

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