In any case, declare tax on a monthly/quarterly basis
According to the provisions of Article 15 of Circular No. 151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance amending and supplementing point b, Clause 2, Article 11 of Circular No. 156/2013/TT-BTC on declaration Value added tax has the following provisions:
– Quarterly tax declaration applies to value-added taxpayers whose total revenue from selling goods and providing services in the preceding year is VND 50 billion or less.
– In case the taxpayer has just started production and business activities, the value-added tax declaration shall be made quarterly. After full 12 months of production and business, from the next calendar year, based on the turnover from the sale of goods and services of the preceding calendar year (full 12 months) to make a value-added tax declaration. monthly or quarterly (Please refer to Example 21 of Circular No. 151/TT-BTC dated October 10, 2014 of the Ministry of Finance).
– Taxpayers are responsible for self-determination of tax returns on a monthly or quarterly basis in order to make tax declarations according to regulations.
– Quarterly or monthly tax declaration is stable for the whole calendar year and stable for a 3-year cycle. Specifically:
● Established before January 31, 2016: Stable cycle from October 2014 to December 2016; January 2017 to December 2019; Jan 2020 to Dec 2022
● Established from February 1, 2016 to January 31, 2017: Stable cycle from January 2018 to December 2020.
● Established from February 1, 2017 to January 31, 2018: Stable cycle January 2019 to December 2021
● Established from February 1, 2018 to January 31, 2019: Stable cycle January 2020 to December 2022
● Established from February 1, 2019 to January 31, 2020: Stable cycle January 2021 to December 2023
Your business was established on April 26, 2011. According to the above regulations, the monthly or quarterly tax declaration for your business is done as follows:
+ You summarize the revenue from the sale of goods and services (including both taxable revenue and non-taxable revenue) of the value-added declaration of the tax period 2019.
+ If in the same tax period, your business has an additional and adjusted declaration, the revenue from the sale of goods and services will be aggregated according to the final declaration sent to the tax office.
=> If the above-mentioned revenue determination method is greater than 50 billion: Your business shall declare value-added tax on a monthly basis for a period of 3 consecutive years (from January 1, 2020 to December 31, 2022).
=> If the above-mentioned revenue determination method is 50 billion or less: Your business shall declare value added tax quarterly in a cycle of 3 consecutive years (from January 1, 2020 to December 31, 2022) ).
In case your business is eligible and subject to quarterly VAT declaration and wants to change to monthly tax declaration, send a notice (under Form No. 07/GTGT issued together with Circular No. 151/TT-BTC) to the agency. The tax authority directly managed by the tax authority is the same as the deadline for submitting the VAT declaration of the first month of the year in which the monthly VAT declaration is started.
Source: Association of Accountants