NOTES ON CORPORATE INCOME TAX FINALIZATION DOCUMENTS IN 2022
- 18/02/2022 17:09
1. Regulations on CIT finalization documents
⭐ Currently, most organizations and businesses when finalizing CIT will have to prepare a complete set of documents to ensure the legitimacy of their tax finalization. However, depending on each case, the requirements for tax finalization records will be different.
1.1 Documents of finalization of CIT with Vietnamese enterprises
Normally, a complete set of tax finalization documents must meet the following requirements:
◾️ The first is the CIT finalization declaration. This declaration will be made according to form No. 03/TNDN issued together with Circular No. 151/2014/TT-BTC issued by the Ministry of Finance.
◾️ Second is the final year financial statements. Depending on the case, the enterprise may also report the financial statements up to the time of decision on dissolution, separation, merger, consolidation, the transformation of enterprise type, the transformation of ownership form, or termination of business activities.
◾️ The third is the appendix to the results of production and business activities of the enterprise. Depending on the situation of the business choose the appropriate appendix.
◾️ Appendix made according to form 03-1A/TNDN: reflecting the operation results of enterprises in the manufacturing, trading, and service industries.
◾️ Appendix 03-1B/TNDN: reflects the performance results of banks and credits.
◾️ Appendix 03-1C/TNDN: reflects the performance results of securities companies or securities investment fund managers.
🍃 In addition, there are a number of other appendices that will correspond to specific cases prescribed by law.
Note: especially for enterprises with investment projects in foreign countries, they will need to add other documents according to the guidance of the Ministry of Finance.
1.2. Documents of finalization of CIT for enterprises engaged in the extraction, export of crude oil and natural gas
🍁 In case enterprises have activities of exploiting, exporting, and selling crude oil or natural gas, they will have to prepare CIT finalization documents that fully meet the following requirements:
◾️ Declaration for finalization of CIT according to form 02/TNDN-DK.
◾️ Appendix detailing tax obligations of petroleum contractors, made according to Form No. 01/PL-DK.
◾️ Annual financial statements or financial statements up to the end of the petroleum contract.
1.3. Documents for finalization of CIT with foreign contractors
🍁 For foreign contractors, the CIT finalization documents to be submitted must fully satisfy the following requirements:
◾️ CIT finalization declaration form No. 03-TNDN.
◾️ Annual financial statement.
◾️ Attached Appendix.
◾️ The certificate of residence has been consular legalized for the year of finalization.
◾️ Confirmation of the contract signing of the related parties.
◾️ Documents of tax exemption and reduction under the Agreement or an explanation according to form No. 03/TNDN if the contractor cannot submit enough documents.
2. Regulations on the deadline for submitting CIT finalization documents
✨ After fully preparing tax finalization documents, businesses need to pay attention to the deadline for submitting CIT finalization documents to make sure no mistakes occur.
✨ Based on current legal regulations, normally, the deadline for submitting the annual CIT finalization document is the 90th day, counting from the end of the calendar year or fiscal year.
✨ For enterprises in the case of dissolution, division, merger, consolidation, the transformation of enterprise type, the transformation of ownership form or termination of business operations, the time limit for submission of dossiers is on 45th day, counting from the date of the decision on change of the enterprise.
✨ Particularly for enterprises engaged in exploitation or export of oil and natural gas, depending on the case, they will comply with one of the following two deadlines:
◾️ No later than the 90th day, counting from the end of the calendar year or fiscal year.
◾️ No later than the 45th day, counting from the date of ending the oil and gas contract.
Note: the deadline for submitting CIT finalization documents can only be extended up to 60 days after the enterprise has completed the procedures for applying for an extension. Businesses need to understand clearly this content to not encounter unfortunate mistakes.
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