After completing year-end tasks in 2019 such as reconciling accounts payable, reviewing accounting records, making provisions, handling discrepancies between recorded and actual figures, and finalizing accounting books, the tasks that corporate accountants need to perform at the beginning of 2020 also need to be accurately updated to comply with regulations.
1. Pay and account for the initial business license fee at the beginning of the year.
Based on Article 5 of Circular 302/2016/TT-BTC, it is stipulated that:
The deadline for paying business license fees is January 30th of each year (i.e., January 30th, 2020).
For newly established businesses:
– Business license fees must be paid once when a new business starts operating, no later than the last day of the month in which business operations begin.
– In cases where the fee payer has dependent units (branches, representative offices, business locations) operating in the same provincial locality, the fee payer shall submit the Business License Fee Declaration Form for those dependent units to the tax authority directly managing the fee payer;
– In cases where the fee payer has dependent units (branches, representative offices, business locations) operating in a different province from where the fee payer's head office is located, the dependent unit shall submit the Business License Fee Declaration Form for the dependent unit to the tax authority directly managing the dependent unit.
So:
– Businesses only need to submit the Business License Fee Declaration Form once when they first start operating.
– In the following year, the business only needs to pay the business license fee; it does not need to submit the Business License Fee Declaration Form. Even if there is a change in charter capital, it is not required to submit the form.
Accounting for business license fees payable during the year.
Debit Account 6425 – (If according to Circular 200)
Debit Account 6422 – (If according to Circular 133)
Account 3338 – Other taxes
When paying business license tax (based on the payment receipt to the state budget)
Debit of 3338 Account
Account 1111 (If paying in cash)
Account 1121 (If paying by bank transfer)
2. Transfer the previous year's balance to the beginning of the year (When opening the books)
To transfer the opening balances to the "Trial Balance," the business accountant enters the opening balances into accounts such as: 152, 156, 142, 242…
3. Tax returns and reports that need to be submitted at the beginning of the year.
VAT and Personal Income Tax:
– If your business files tax returns monthly, the deadline for submitting the return is the 20th of each month (e.g., January 20, 2020, February 20, etc.).
– If your business files quarterly tax returns, the deadlines are: Q4/2019: January 30, 2020; Q1/2020: April 30; Q2: July 30; and Q3: October 30.
Corporate Income Tax:
– Make provisional corporate income tax payments (no need to submit quarterly provisional tax returns) no later than Q4/2019: January 30, 2020, Q1/2020: April 30, Q2: July 30, and Q3: October 30.
Bill:
– Submit quarterly invoice usage reports no later than: Q4/2019: January 30, 2020, Q1/2020: April 30, Q2: July 30, and Q3: October 30.
– If businesses submit invoice reports monthly, the deadline is the 20th of each month.
Financial statements, Corporate income tax return, Personal income tax return:
– Tax return and financial statements for 2019: No later than March 31, 2020 (90 days)
– In addition to submitting financial statements to the tax authorities, you must also submit them to the following agencies: the Statistics Agency and the Business Registration Agency.
Notice:
The deadline for submitting these declarations is also the deadline for paying taxes, if applicable.
4. Re-register the salary scale when there are changes in the base salary or the regional minimum wage.
5. Re-register your insurance contribution level when there are changes in the base salary or regional minimum wage.
6. Report on participation in unemployment insurance in 2019
– Reporting location: Department of Labor, War Invalids and Social Affairs in the locality where the enterprise is headquartered.
– Deadline: January 14, 2020 (Clause 7, Article 32 of Decree 28/2015/ND-CP and Circular 28/2015/TT-BLDTBXH).
