Running a successful and sustainable business in Vietnam means that your business must comply with all related accounting and tax laws and regulations in the country. The most important part that you have to pay attention to for accounting law compliance is the deadlines.
Missing the tax and accounting deadlines will jeopardise your business tremendously. So, business owners, here is the information you have to keep in mind for compliance deadlines in Vietnam for 2020.
There are four fiscal year periods you can choose from over the year in Vietnam but the most important ones are in the first quarter of 2020: January 30, 2020 and March 30, 2020.
January 30, 2020
This date is the deadline for tax payment and/or declaration for the previous year in Vietnam. All declarations shall be reported to the local tax office with HTKK software.
The types of taxes to be paid and/or declared are listed below:
In addition, Vietnamese companies will have to pay the annual business license tax by the same deadline.
Based on the type of your business and registered charter capital, the following is the list of business license tax amount you have to pay:
March 30, 2020
Another important deadline in Vietnam is March 30, 2020 for the submission of most of your reports:
You are only required to submit the financial statement by this deadline in 2020 if your company is registered before October 2019. Otherwise, you can do the submission together with your financial statement of 2020.
Apart from the important deadlines in Q1, there are several other deadlines your business must comply with quarterly, annually, and bi-annually:
You will face a fine if you fail to meet the set deadlines. The amount of fines depends on the number of days you’re late to submit the declaration and/or payment, ranging between VND 700,000 and VND 25,000,000. The penalty is more serious for non-payment: the abolishment of your company license.
On top of that, according to the Vietnamese New Penal Code, companies will be deemed criminal for tax evasion.
Cekindo’s accounting experts work with businesses like yours to help you achieve compliance in Vietnam. We advise on how you should construct your financial reporting and accounting processes, we also assist you to ensure that your accounting activities match your business objectives.
Navigating the constantly changing Vietnamese laws and regulations should not be your core activities when running your business. Cekindo has a dedicated team of accounting specialists with commercial and practical experiences, who can provide you with accounting solutions swiftly – so that you can do what you do best by focusing on the essence of your business operations.
Let Cekindo fulfill your accounting needs in Vietnam. Get in touch with us by filling in the form below.