How to calculate number of days of late payment of tax

Official letter No. 1311/TCHQ-TXNK dated March 3rd, 2020 of the General Department of Vietnam Customs regarding settlement of tax arrears

According to the accounting system of the customs profession, number of days of late payment of tax is calculated according to the following formula:

Number of days used for calculating interest on late payment = Total number of days counted from the date incurring the payable amount to the date the enterprise pays tax – 2 days

“2 days” in the aforesaid formula are the day following the last date of the tax payment time limit and the day preceding the date the enterprise pays tax)

Example 1: March 1st is the last date for tax payment and March 3rd is the date the enterprise pays tax.

Number of days of late payment is calculated as follows:

From March 1st to March 3rd is counted 3 days

Minus 2 days according to the aforesaid formula, the number of days of late payment is 1 day

Similarly, if April 30 is the last date for tax payment and until May 31st enterprise pays tax, the period from April 30th – May 31st is 32 days. The number of days of late payment in this case is: 32 – 2 = 30 days.

Hanoi Vietnam skyline panorama at night, looking north west from the southside of the city. Numerous apartment buildings, hotels and office towers visible. Slight smog over the city.
0

Leave a Comment!*

Related Posts

PM launches legal aid…

By 2025, at least 30 percent of small- and medium-sized enterprises (SMEs) and 60 percent of their legal aid providers will be provided with legal retraining so that they will…
Read more

Foreigners in Vietnam to…

Visa for foreigners living in Vietnam will be issued online via the National Public Service Portal in 2021. It is among more than 50 public services to be provided in…
Read more

UKVFTA Officially Becomes Effective…

Deputy Minister of Foreign Affairs To Anh Dung on March 26 chaired a ceremony to exchange official notes between Viet Nam and the UK confirming the effective date of the…
Read more