Notes when making corporate tax declaration dossiers

During the production and business activities, enterprises must be responsible for declaring and paying taxes fully, accurately and honestly. Tax declaration staff for enterprises should pay attention to the following points to minimize risks for the enterprise.

1. Accurately determine tax declaration obligations and types of tax reports to be submitted

Enterprises that do not determine their declaration obligations and the types of tax reports that need to be submitted will result in failure to submit or late submission of tax declarations. Enterprises will be subject to administrative penalties for tax violations due to this error.

For example:

• Value Added Tax: Pursuant to Article 8, Decree 126/2020/ND-CP dated October 19, 2020, VAT is a tax declared monthly. In case the taxpayer meets the criteria specified in Article 9, Decree 126/2020/ND-CP, they can choose to declare tax quarterly.
• Personal income tax; Taxpayers who are required to submit monthly VAT declarations must submit monthly provisional personal income tax declarations; taxpayers who are required to submit quarterly VAT declarations can choose to declare provisional personal income tax monthly or quarterly.

2. Deadline for filing tax reports

Understanding the deadline for declaration helps businesses to be proactive, arrange time to prepare and submit reports on time, avoid being fined for tax violations and paying late tax payments.

For example:

• Deadline for value added tax declaration;
• Deadline for personal income tax declaration;
• Deadline for declaring corporate income tax;…

3. Enterprises that do not conduct any trading activities do not have to declare taxes.

This is a WRONG view that many businesses have. According to tax law, businesses that are operating, even if they do not engage in any buying, selling or trading activities, must still submit complete and timely tax declarations.

4. How to prepare and submit tax declaration

Tax declarants must understand the principles and methods of preparing and submitting tax declarations and paying taxes according to regulations.

For example:

• Principles of additional declaration of value added tax;
• Principles of declaring personal income tax according to the partial and total cumulative tax schedule;
• Principles of loss carryover, tax incentives... corporate income tax settlement.

5. Regularly update the latest tax policies according to current regulations

Tax declarants must regularly update new regulations to minimize errors in tax declarations to avoid fines and affect business operations.