Law No. 56/2024/QH15 dated November 29, 2024, of the National Assembly, amending and supplementing the Law on Securities, the Law on Accounting, the Law on Independent Auditing, the Law on State Budget, the Law on Management and Use of Public Assets, the Law on Tax Administration, the Law on Personal Income Tax, the Law on National Reserves, and the Law on Handling Administrative Violations
Key highlights include:
Amendments and supplements to the Law on Accounting:
Addition of provisions regarding the rights of accountants:
Accountants have the right to independence in accounting expertise and operations; to retain professional opinions in writing when they differ from decision-makers; to report in writing to the chief accountant or the legal representative of the accounting entity upon detecting violations of financial or accounting laws. If required to execute such decisions, accountants may report to the direct superior of the decision-maker or the competent state authority and will not bear responsibility for the consequences of executing such decisions.
Amendment of provisions on the fiscal year accounting period:
If the first or last fiscal year covers a period of no more than three consecutive monthly accounting periods, it can be combined with the following or previous fiscal year into a single fiscal year. The combined period must not exceed 15 months (previously: periods shorter than 90 days)
Amendments and supplements to the Law on Tax Administration:
Amendment to Clause 1, Article 47 on supplementary tax declarations:
Taxpayers may amend submitted tax declarations within 10 years from the deadline of the tax declaration period with errors, provided:
a) It is before the tax authority or competent agency announces the decision on inspection or audit;
b) The tax period is not within the scope of the inspection or audit specified in the inspection or audit decision.
For content under inspection or audit scope, taxpayers may submit supplementary explanatory documentation in accordance with tax laws, audit laws, and the conclusions of competent specialized agencies.
Abolition of provisions:
The law abolishes Clauses 2 and 3 of Article 47, which previously allowed for supplementary tax declarations after the announcement of inspection/audit decisions or after the issuance of post-inspection/audit conclusions or decisions.
New regulations on tax declaration and payment responsibilities:
The law introduces amendments related to tax declaration and payment responsibilities for foreign suppliers, e-commerce platforms, and individuals or households conducting business on these platforms.
Effective Date:
This Law shall take effect on January 1, 2025, except for specific cases stipulated in Article 10 on the effective date.
Please refer to the attached file for detailed information.
