The beginning of the new year is always a busy time for accountants. Besides summarizing the old year, they also have to start preparing for the new year's tax requirements. Understanding tax regulations and changes will help accountants complete their work effectively and avoid unnecessary errors.
This article will summarize 5 things to note about Tax in early 2023, and compare it with the regulations in 2022 to help accountants have an overview and easily update. Let's find out with Bizzi!
5 things to note about Taxes in early 2023
1. VAT rate
- The VAT rate reduction of 8% according to Decree 15/2022/ND-CP will expire from January 1, 2023 and return to the tax rate of 10%.
Comparison with 2022: Businesses need to pay attention to readjusting their accounting systems, invoices, and documents to match the new tax rates.
2. Invoicing symbol
Starting from January 1, 2023, the invoice year symbol is 23 and invoice numbers start from 1.
Enterprises need to check and update the new invoice year symbol on the invoice system and accounting software. Invoices that do not have the correct year of invoice may be penalized by tax authorities.
3. Fees and payment of license fees
Deadline for paying license fees no later than January 30, 2023;
Specific fee levels are as follows:
- Charter capital or investment capital over 10 billion VND: 3,000,000 VND/year;
- Charter capital or investment capital under 10 billion VND: 2,000,000 VND/year;
- Branches, representative offices, business locations... 1,000,000 VND/year.
4. Deadline for paying VAT and CIT
– In case of tax declaration by month: no later than January 20, 2023, businesses must submit tax returns and value added tax for the December 2022 period.
However, due to the 2023 Lunar New Year holiday, the deadline for submitting the VAT declaration for the December 2022 tax period is the working day immediately after the Lunar New Year. That is, no later than January 27, 2023.
– In case of quarterly tax declaration: no later than January 31, 2023, businesses must submit tax returns and value-added tax for the fourth quarter of 2022.
– The deadline for paying corporate income tax for Quarter 4/2022 is January 30, 2023 at the latest;
5. Tax finalization
Pursuant to the provisions of law on corporate income tax (CIT) finalization at:
– Decree 78/2015/ND-CP
– Circular 156/2013/TT-BTC
– Additional Circular 151/2014/TT-BTC
– Decree 20/2017/ND-CP
The deadline for submitting the 2022 Tax Finalization declaration and tax according to the finalization is the 90th day from the end of the calendar year or fiscal year. Specifically, March 31, 2023.
Some other notes for accountants
Besides the changes mentioned above, accountants also need to note the following points:
- Update information regularly:
- Visit the website of the General Department of Taxation to update new legal documents, implementation instructions and the latest tax notices.
- Participate in tax courses and seminars to improve your knowledge and update the latest changes.
- Plan and arrange work properly:
- Determine the work that needs to be done and the deadline for completion to ensure full and timely completion of tax obligations.
- Use accounting software to support work, save time and improve efficiency.
- Maintain complete records and documents:
- Store tax-related records and documents according to regulations.
- Declare and pay taxes fully and on time to avoid penalties.
The beginning of the year is an important time for accounting work, especially related to tax regulations. Businesses and accountants need to clearly understand tax notes in early 2023 to properly fulfill tax obligations, avoid errors and risks of violating the law.
Bizzi Vietnam has compiled information about Tax notes in early 2023 and the work that accountants need to do before Lunar New Year 2023. Hopefully this useful information will support you in your work process. your work to avoid being fined for unnecessary administrative violations.
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