What accountants have to do before the end of the financial year

For accountants, the period before the end of the financial year is an extremely busy time with many important financial and accounting operations. In order to have a more favorable start in the new year, as well as avoid the risks of penalties as prescribed by law, this article by Tasco will summarize the things that accountants need to do before the end of the financial year.

◆ Review and re-examine the books and documents, balance the revenue and expenses of the enterprise, and supplement the missing documents during the year;

◆ Perform a year-end inventory of assets including fixed assets, goods, tools, and materials,...;

◆ Reconciling debts (all receivables and payables) of the enterprise during the year;

🔅 Finalization of VAT:

● Article 44, Law on Tax Administration No. 38/2019/QH14 states: “The deadline for submitting monthly value-added tax declarations will be on the 20th day of the month following the month of issue. tax liability."

● Deadline for submitting VAT declaration:

⇒ Thus, by January 20, 2023, these enterprises must complete the submission of VAT declaration dossiers of December 2022;

⇒ With the deadline for submitting quarterly VAT declarations, the deadline is the 30th or 31st (last day) of the first month of the following quarter (ie 31/01/2022).

🔅  PIT finalization:

● Deadline for submitting PIT return:

⇒ If in the month the enterprise incurs a PIT deduction of more than 50 million, it must submit a personal income tax return at the tax office on a monthly basis, no later than the 20th day of the following month.

⇒ If in the month, the payable personal income tax amount is less than VND 50 million, the personal income tax declaration dossier shall be submitted quarterly with the deadline being the 30th or 31st (last day) of the first month of the following quarter. 

● PIT finalization deadline:

⇒ Individuals authorizing units or organizations to pay income, the deadline for tax finalization is March 31, 2023.

⇒ For individuals who directly finalize personal income tax with the tax agency, the deadline for tax finalization is April 30, 2023.

🔅 CIT finalization:

● Pursuant to the provisions of the law on corporate income tax (CIT) finalization at:

⇒ Decree 78/2015/ND-CP

⇒ Circular 156/2013/TT-BTC

⇒ Supplemental Circular 151/2014/TT-BTC

⇒ Decree 20/2017/ND-CP

● Deadline for CIT finalization:

⇒ No later than the 90th day from the end of the calendar year or fiscal year. - In case an enterprise divides, separates, consolidates, merges, dissolves, or terminates its operation: no later than the 45th day from the date of issuance of a decision on division, separation, consolidation, merger, dissolution, terminate the business.

⇒ Pay the fourth quarter provisional CIT (if any);

🔅  Prepare the following types of reports:

● Financial statements in 2022:

⇒ For enterprises applying the accounting regime according to Circular 200: Accountants need to make a balance sheet, Form No. B01 – DN; Business result report Form B02 – DN; Statement of cash flows Form B02 – DN; Notes to financial statements Form B09 – DN.

⇒ For enterprises applying the accounting regime according to Circular 133: An additional balance sheet is required when submitting to the tax authority. In addition, the statement of cash flows is an incentive for businesses to do but is not required.

🔅  Deadline for submission of financial statements:

⇒ For private enterprises and partnerships, the annual financial statements must be submitted within 30 days from the end of the annual accounting period; for other enterprises, the time limit for submitting annual financial statements is 90 days at the latest.

◆ Print accounting books and vouchers and submit them for signing;

◆ Store documents and books.

⇒ If you have any questions or need assistance with property rental tax declaration and payment, please register here for TASCO's earliest advice and support or contact hotline: 0975480868 (Zalo)

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