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THE ACCOUNTING TASKS THAT NEED TO BE DONE IN THE SECOND HALF OF 2020 AT ENTERPRISES IN VIETNAM

For accountants, the year-end is an extremely busy period. So how to avoid missing the tasks that needs to be completed by an accountant during this period, as well as the process of work is carried out more smoothly and effectively? Hopefully, the following article will give you useful information.

To complete well the tasks of an accountant that need to be done monthly, quarterly, you must thoroughly understand the relevant tax documents and accounting standards.

Some current regulations on accounting for reference, including:

  • Circular 156/2013/TT-BTC Guiding the implementation of the Law on Tax Administration
  • Circular 219/2013/TT-BTC Guiding the implementation of the Law on Value-Added Tax (VAT)
  • Circular 111/2013/TT-BTC Guiding the implementation of the Law on Personal Income Tax (PIT)
  • Circular 78/2014/TT-BTC Guiding the implementation of the Law on Corporate Income Tax (CIT)
  • Circular 119/2014/TT-BTC Amending a number of Circulars
  • In addition, accountants should also refer to Decrees and other Tax Laws.

1. Accounting tasks that need to be done in the last 6 months of 2020

Month Deadline for submission Tax declaration

Quarterly

Tax declaration

Monthly

7 20 July 2020 + Submit VAT return June 2020

+ Submit PIT return June 2020 (if any)

+ Payment of VAT & PIT (if any)

30 July 2020 + Submit VAT return Quarter 2/2020

+ Submit PIT return Quarter 2/2020 (if any)

+ Payment of provisional CIT for Quarter 2/2020 (if any)

+ Submit Report on invoice usage in Quarter 2/2020

+ Payment of provisional CIT for Quarter 2/2020 (if any)

+ Submit Report on invoice usage in Quarter 2/2020

8  20 August 2020 + Submit VAT return July 2020

+ Submit PIT return July 2020 (if any)

+ Payment of VAT & PIT (if any)

9 21 September 2020 + Submit VAT return August 2020

+ Submit PIT return August 2020 (if any)

+ Payment of VAT & PIT (if any)

10 20 October 2020 + Submit VAT return September 2020

+ Submit PIT return September 2020 (if any)

+ Payment of VAT & PIT (if any)

30 October 2020 + Submit VAT return Quarter 3/2020

+ Submit PIT return Quarter 3/2020 (if any)

+ Payment of provisional CIT for Quarter 3/2020 (if any)

+ Submit Report on invoice usage in Quarter 3/2020

+ Payment of provisional CIT for Quarter 3/2020 (If any)

+ Submit Report on invoice usage in Quarter 3/2020

11 20 November 2020 + Submit VAT return October 2020

+ Submit PIT return October 2020 (if any)

+ Payment of VAT & PIT (if any)

12 21 December 2020 + Submit VAT return November 2020

+ Submit PIT return November 2020 (if any)

+ Payment of VAT & PIT (if any)

 

2. Deadline for submission of Tax returns (VAT, PIT, CIT) and Report on invoice usage

  • Monthly declaration: No later than the 20th of the following month.
  • Quarterly declaration: No later than the 30th day of the first month of the following quarter.
  • Declare each time it arises: no later than the 10th day after the arising date.
  • Final Statement: Within 90 days from the end of the fiscal year or calendar year.
  • In case of splitting, consolidation, merger, conversion of ownership, dissolution or termination of operation: No later than the 45th day from the date of issuance of the decision.

Thus, VNC has finished summarizing accounting tasks that businesses need to complete in the last 6 months of 2020. With such a large workload, accountants should take notes to be more active in their work as well as avoid shortcomings. In addition, if you are in need of professional services of a tax agent, kindly do not hesitate to contact us via Website www.vnc-os.com –Hotline (+84) 902 595 171 –  (+84) 8 88 77 66 00 for direct advice and kind support. Best regards.