Below are the deadlines for VAT payment in November 2024 that businesses need to pay attention to in order to avoid being fined. Bizzi Find out!
1. Note the deadline for VAT payment in November 2024 to avoid penalties
According to Clause 1, Article 55 Tax Administration Law 2019 stipulates that in case the taxpayer calculates tax, the deadline for tax payment is the last day of the deadline for submitting tax declaration dossiers. Accordingly, Clause 1, Article 44 Tax Administration Law 2019 There are regulations on the deadline for submitting tax declarations for monthly taxes, no later than the 20th day of the month following the month in which the tax liability arises.
Thus, according to the above regulations, the deadline for paying VAT must be paid at the same time as the monthly tax declaration submission.
The deadline for paying VAT for the October 2024 tax period is November 20, 2024 (Wednesday).
Note: In case of supplementary tax declaration, the tax payment deadline is the deadline for submitting the tax declaration of the tax period containing errors or omissions.
At the same time, in Article 4 Decree 64/2024/ND-CP November 20, 2024 is also the VAT payment deadline for the May 2024 tax period when it has been extended.
2. Penalty for late payment of VAT in 2024
Pursuant to Article 59 Tax Administration Law 2019 regulations on taxpayers who pay taxes late compared to the prescribed deadline, the extended deadline for tax payment, the deadline stated in the tax authority's notice, the deadline in the tax assessment decision or the tax authority's handling decision;
Accordingly, the late payment interest rate and the late payment interest calculation period are prescribed as follows:
– The late payment fee is 0.03%/day calculated on the amount of late tax payment;
– The time for calculating late payment interest is calculated continuously from the day following the date of late payment interest to the day immediately preceding the date the tax debt, tax refund, additional tax, fixed tax, and late tax have been paid to the state budget.
Note: Taxpayers shall determine the amount of late payment according to regulations and pay it to the state budget according to regulations. In case taxpayers have excess tax, late payment, or fines, they shall comply with the provisions of Clause 1, Article 60. Tax Administration Law 2019.
In case after 30 days from the tax payment deadline, the taxpayer has not paid tax, late payment, or fine, the tax authority shall notify the taxpayer of the outstanding tax, fine, and number of days of late payment.
3. Cases where late payment is not charged
No late payment fee is charged in the following cases:
– Taxpayers who supply goods and services paid for by state budget funds, including subcontractors specified in the contract signed with the investor and are directly paid by the investor but have not been paid, are not required to pay late payment fees.
The amount of tax debt excluding late payment is the total amount of tax owed to the state budget by the taxpayer but does not exceed the amount of unpaid state budget;
– In the cases specified in Point b, Clause 4, Article 55 of this Law, no late payment fee shall be charged during the period of waiting for analysis and appraisal results;
During the period when the official price is not available; during the period when the actual payment is not determined, adjustments are added to the customs value.
In addition, taxpayers who must pay late payment fees according to regulations are exempted from late payment fees in cases of force majeure including:
– Taxpayers suffer material damage due to natural disasters, catastrophes, epidemics, fires, and unexpected accidents;
– Other cases of force majeure as prescribed by the Government.
(Clause 5, 8 Article 59 Tax Administration Law 2019)
According to Law Library
