EXTENDING TERM OF SETTLEMENT OF PIT – DEFFERING THE TERM FOR E-INVOICES IMPLEMENTATION TO JULY 01, 2022

Pursuant to the Law on Tax Administration 2019 issued by the XIV National Assembly and coming into force on July 01, 2020.

– Accordingly, the time limits for submission of tax returns with respect to types of taxation to be calculated at year-based interval as follows:

• The yearly tax finalization documentation must be submitted not later than the ending date of the third month from the end date of calendar year or fiscal year;
• PIT finalization documentation must be submitted in person by individual taxpayers not later than the end date of the fourth month from the end date of calendar year.

Thus, individual taxpayers submitting PIT finalization documentation in person can be granted extension of the submission deadline (90th day at the latest from the end date of calendar year or fiscal year as provided in existing regulations).

– In addition, this Law contains several new important contents, such as:

• Supplementing rights exercised by taxpayers (Article 16);
• Setting out new regulations on management of taxation with respect to electronically commercial activities (Clause 4 of Article 42);
• Revising the competence to remit tax arrears or fines (Article 87)

– Electronic invoices and evidencing documents enter into force from July 01, 2022.

Under clause 2 Article 35 of Decree No.119/2018/ND-CP specifying electronic invoices   previously: the implementation of e-invoices and e-invoices with tax authorities’ identification codes as provided by Decree 119/2018 shall be completed by enterprises, economic or other organizations, business households and individuals by November 1, 2020.

Best regards,