Amendments and Supplements to Certain Articles of the Law on Tax Administration
- Effective January 1, 2025, taxpayers will no longer be allowed to submit additional tax declarations once the tax authority or a competent authority has issued a decision to conduct a tax inspection or examination at the taxpayer’s headquarters. Accordingly, if taxpayers discover errors or omissions in their submitted tax declarations, they must make additional declarations within 10 years from the deadline for submitting the tax declaration for the relevant tax period. Additional declarations are permitted in the following cases:
a. Before the tax authority or a competent authority announces the decision to conduct an inspection or examination;
b. When the dossier is not within the scope or period of the tax inspection or examination as specified in the inspection or examination decision. - In addition to accurately, honestly, and completely declaring and submitting tax dossiers on time—and being legally responsible for their accuracy—taxpayers must also be accountable for the documents provided to the tax authority during the tax dossier handling process.
- The 2024 amendments repeal the provision that previously allowed taxpayers to request interest payments from tax authorities in cases where the amount of tax, late payment, and fines paid exceeded the amount determined by the competent authority’s decision.
- Under current regulations, only foreign suppliers without a permanent establishment in Vietnam that engage in e-commerce, digital platform-based business, and other services must directly or through an authorized party register, declare, and pay taxes in Vietnam. However, the new regulations mandate that all foreign suppliers pay taxes in Vietnam, creating a legal framework to ensure compliance. This change aims to prevent tax losses, particularly as Vietnam’s e-commerce market increasingly includes foreign platforms such as Temu.
Furthermore, starting April 1, 2025, e-commerce trading floor managers, digital platform managers with payment functions, and other organizations engaged in digital economic activities must deduct, declare, and pay taxes on behalf of sellers (including business households and individuals). If business households or individuals operating on e-commerce or digital platforms do not qualify for tax deduction, declaration, and payment through these platforms, they must directly register, declare, and pay taxes themselves.
Amendments and Supplements to Certain Articles of the Law on Accounting
- Effective January 1, 2025, accounting documents will no longer be required to include the name and address of the agency, organization, unit, or individual receiving the document. However, depending on their accounting operations, enterprises may still include this information at their discretion.
- The 2015 Law on Accounting requires that when a foreign language is used on accounting documents, books, and financial statements in Vietnam, both Vietnamese and the foreign language must be used. Under the new regulations, however, except for financial statements, all other accounting documents only need to be translated into Vietnamese upon request by a competent state agency.
- Previously, the 2015 Law on Accounting recognized only electronic signatures on electronic documents. To align with the 2023 Law on Electronic Transactions, the new amendments now allow the use of other electronic confirmation methods (such as biometric authentication, OTPs, etc.) in addition to electronic signatures to demonstrate a signatory’s approval of a data message.
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