Accounted amount for late payment of tax is accounting important that all businesses need to master to ensure compliance with the law and manage cash flow effectively. When businesses pay taxes late, the fines for late payment of tax incurred need to be accurately recorded in the accounting books. The accounting right not only helps to reflect the actual cost, to avoid errors in the financial statements, but also support the business controlling risks arising, to optimize costs, enhance credibility with the tax authority.
This article Lac Viet will guide in detail how accounting money for late payment of tax for each tax type downloads, with illustrative examples and practical solutions to help businesses effectively manage.
1. Overview of accounting money for late payment of tax
1.1. Accounted amount for late payment of tax is what?
When a slow business tax filing deadlines, for example value added tax (VAT), personal income tax (PIT), corporate income tax (CIT) ... the tax laws, regulations, businesses must pay the amount of the late payment of tax. The recognition of this account in bookkeeping call is accounted amount for late payment of tax (or sometimes referred to as the “accounting of fines for late payment of tax”).
Understanding simple:
- Business tax return late or paying the tax after the time limit → incurred “costs” for business is slow money paid.
- Accounting business need to take notes on the books to reflect the true cost, outstanding taxes of the business.
- When properly accounted will help business: avoid the mistakes, financial statements, avoid audit/tax expert “soi” is the actual value for organizations and businesses.
Why business often arise this?
A few common causes:
- System accounting/tax has not updated any declaration or payment of tax.
- Revenue/expense sudden change leads to deferred tax settlement.
- Business hasn reminder to pay tax or accounting personnel not enough track.
- Change the type of tax, modify the declaration led to the late filing. When business is to calculate the amount of delayed tax payment, then in addition to the loss of direct costs, also affects the reputation, cash flows, can be inspector deeper.
1.2. The base charge for late payment of tax
One of the important points that accountants need to understand is that formula for calculating the amount of delayed payment for accounting, accuracy and expected costs in a timely manner.
- Pursuant to the Law on Tax Administration 2019, payments for late payment is calculated by:
The amount of tax paid × 0,03%/day × Number of days late payment. - Illustrative example: Enterprise there are taxes to be paid is vnd 100,000,000 but slow to 15 days then the late payment = 100.000.000 × 0,0003 × 15 = 4.500 copper. (In peace the much larger numbers, but for example to help understand basic).
- Note: There are separate regulations if tax paid before the date 1/7/2016, the % may vary (0,05 %/day, or 0.07 %/day) depending on time.
Understanding the bases and formulas to help businesses:
- Timely planned costs incurred when late payment of tax.
- Accounting for the right moment arises (recorded cost), determine the amount payable to the state budget.
- In financial statements helps reflect true costs incurred related to tax evade detection errors when the audit.
2. Guide accounting money for late payment of tax in each tax
The organizations and enterprises are to find out information about accounting slow money taxpayers need to understand that, each type of tax that way recorded different. The accounting exactly help businesses avoid errors, ensure expenses are recorded properly, the cash flow is to effectively manage and reduce the risk of arrears and penalty.
2.1. Accounted amount for late payment of VAT
When notified amount for late payment
When the tax agency sent notice slow money to pay VAT, businesses need to recognize this fee immediately in the period incurred. This is the cost incurred in addition to the estimates, reflecting the financial responsibilities of business with regard to the state budget.
- The account: Debit 811 – other Expenses / Have 33311 – VAT payable
- Time recorded: upon receipt of the notice from the tax authority.
When pay the late payment
Pen math this reflects the business has to pay the late payment of VAT, reducing the balance to be submitted with the tax authorities.
The account: Debt 33311 / There are 111 (cash) or 112 (bank deposits)
Illustrative example: company A must pay VAT is 100,000,000, but slow 10 days. According to recipe 0,03%/date:
- Fines for late payment = 100.000.000 × 0,0003 × 10 = 300,000.
Pen payment when you receive notification:
- Debt 811 – 300.000 / Have 33311 – 300.000
Accounting when to pay:
- Debt 33311 – 300.000 / There Are 112 – 300.000
The accounting right time to help businesses: reflect actual costs, avoid errors when making financial reports, easily collated with window VAT.
2.2. Accounted amount for late payment of personal income tax
When the decision penalties
When business wrong deduction of personal income tax for employees or late payment, the tax authorities will send the penalty decision. Businesses need to recognize the cost penalty to ensure the books reflect the costs incurred.
- The account: Debit 811 – other Expenses / There 3335 – personal income Tax payable
When to pay
Pen math this reflects the business has to pay the late payment of PIT. When properly accounted, business easily collated balance with tax authorities and avoid confusion with accounts payable other.
- The account: Debt 3335 / There are 111, 112
Errors frequently lead to penalties late submission PIT
- Deduction wrong states, leading to reports't the right term.
- Declare the lack of or slow PIT finalization.
- Accounting personnel not update full information, change the salaries and bonuses of employees.
The recorded properly accounted fines for late submission of personal income tax to help businesses reduce the risk of arrears, optimize cash flow, enhance credibility in the eyes of the tax authorities. According to the report of the General department of Taxation in the year 2023, about 12% of businesses suffer from late payment penalties PIT due declaration missing or wrong data (gdt.gov.vn).
2.3. Accounted amount for late payment of corporate INCOME tax
When funds late payment
When businesses pay corporate income tax (CIT) later than the specified time limit, the tax authorities will charge a late payment based on the amount of tax payable. This amount is the cost incurred in addition to the plan and should be recorded promptly in bookkeeping.
- The account: Debit 811 – other Expenses / There 3334 – INCOME Tax payable
Illustrative example: company B must submit CIT vnd 500,000,000 but slow to 20 days. The penalty calculated according to 0,03%/date: 500.000.000 × 0,0003 × 20 = 3,000,000.
Pen payment when you receive notification:
- Debt 811 – 3.000.000 / There 3334 – 3.000.000
Accounting for the correct amount of money for late payment CIT help businesses avoid deficiencies in the financial statements accurately reflect the costs incurred, ensure transparency when juxtaposed with the tax authority.
When to pay
Pen math this reflects the business has paid fines for late payment. The accounting properly will help keep track of the balance tax payable ensure business cash flow is under control and the books reflect the full financial obligations
- The account: Debt 3334 – CIT payable / Have 111 – Cash or 112 – bank deposits
Hint control to not be arrears and penalty
- Recordkeeping, review the declaration before sending.
- Using the calendar reminder to submit periodic tax or accounting software to automatically alert.
- Check the adjustment amount, cost, revenue promptly to avoid tax mistakes.
- Reduce the risk of arrears and penalties, optimize cash flow, to help business accounting operating efficiency, transparency with tax authorities.
2.4. Accounted amount for late payment fees anal lesson
Cause business is usually a penalty fee of
- Declaration late years established or when changing the charter capital but not yet updated.
- New business established not have a clear deadline for submission.
- Use the procedure for payment of fees has not timely or wrong method of payment.
When is a penalty for late payment
Fee is obliged every year that the business must submit to the tax authority. If filed late, the business will be fined for late payment. Accounting as soon as receive notifications help reflect the costs incurred, avoid deficiencies in the financial statements.
- The account: Debit 811 – other Expenses / There 3338 – fee payable
Illustrative example: company C is a penalty for late payment fee of 2,000,000.
Pen payment: Debit 811 – 2.000.000 / There 3338 – 2.000.000
When to pay
Pen math this record business has performed the obligation to pay late payment fees in this help books, financial statements accurately reflect the expenses tax practice.
- The account: Debt 3338 – fees payable / There are 111, 112
2.5 accounting money for late payment of tax resources
Natural resources tax is the tax levied on the extraction of natural resources like minerals, water, forest, sand, gravel... When mining business, filing late, arising slow money taxpayer resources, need accounting accurately to ensure the books reflect the costs incurred.
When money for late payment
Accounting which notes the cost incurred by taxpayer resources, slow, help businesses track their financial obligations to the state budget. When accounting for timely, easy accounting cost management in addition to the draft and avoid mistakes when drawing up financial statements.
- The account: Debit 811 – other Expenses / There 3336 – resources Tax payable
Illustrative examples: Business mining have to pay tax resources 200,000,000 but late submission 10 days. Money for late payment = 200.000.000 × 0,0003 × 10 = 600,000 vnd
Pen payment: Debit 811 – 600.000 / There 3336 – 600.000
Properly accounted help business management, cost reporting, accurate, transparent with tax authorities.
When to pay
Pen math this record business has paid fines for late payment of tax resources to help cash flow, bookkeeping properly reflect the financial obligations.
The account: Debt 3336 – resources Tax payable / Have 111 – Cash or 112 – bank deposits
The areas of high risk
- Mining: sand, gravel, coal, ore...
- Building materials industry: cement, stone, sand, gravel...
- Tap water, forests or natural resources peculiarities
These fields usually have the risk of delayed payment due to the amount of mining big change value resources frequent or process of declaring complex. The accounting timely help businesses reduce the risk of heavy fines, cost management, correct, maintain credibility with the tax authority.
2.6 other special cases
In addition to the common case, the business can meet some special situations related to accounting money for late payment of tax:
Be charged a late payment due to declare additional years
When a business detects errors in the declaration and shall submit additional, many states tax code, the tax authorities will charge a late payment for each period.
- The account: Debit 811 / Have 333x corresponding to the type of tax.
Accounting full help businesses track the right real cost and avoid shortcomings when planning a synthesis report.
Accounted amount for late payment after the settlement be
When settlement tax year, if the tax authorities to detect missing or wrong, the business must submit additional with fines for late payment.
- The account: Debit 811 / Have 333x
Accounting right time helps accurately reflect the costs incurred, and help control cash flow business.
Case FDI enterprise or project tax incentives
FDI enterprise or project are tax incentives can be charged for late payment if the declaration is not the right deals or late filing.
Accounting exactly help businesses keep right tax incentives, avoid loss of fines not required.
Contractor tax (NTNN) fined for late submission – way accounting
Foreign contractor withholding tax (NTNN) must be business deduction, and filing change. If late submission, arising slow money pay tax contractor.
- The account: Debit 811 – other Expenses / There 3337 – contractor Tax payable
Accounting timely help business transparency obligations, easily collated with the tax authorities, avoid audit risk.
3. Mistakes frequently made business be charged for late payment
In fact, business accounting, in some cases, lead to accounting slow money to pay taxes or be charged a penalty for late payment of tax comes from the flaws common following:
| Flaws to note | Details |
| Slow declaration, wrong states declaration |
|
| Accounting tax payable has not timely |
|
| Errors in tax deduction |
|
| Confusion of the amount paid through bank |
|
| Do not check the notice of the Portal periodic Tax |
|
Identify these errors to help businesses reduce the risk of imposition of fines for late payment of tax, optimize cash flow while improving credibility with the tax authority.
4. Business need to do to not get penalty for filing taxes late?
To proactively manage tax obligations, avoid incurring accounted amount for late payment of tax, the business can perform the following measures:
- Application accounting software to automatically collate, reminder taxpayer: The software automatically alert states declaration of tax paid, reducing the risk of omissions and errors manually. For example: LV-DX Accounting help auto pen payment of VAT, CIT, PIT, reminding states filed.
- Set up an internal control checklist periodically: Set up test checklist declarations, data bill, the tax paid each month/quarter. Decentralized clear to the person in charge of tracking each type of tax.
- Automatically collated with the Port Tax in Vietnam: Check the periodic tax return data on Tax Portal to confirm the business has filed properly enough. To avoid duplicate or missing data.
- Distribution rights for the tax accounting in order to avoid the omission: The specific responsibilities for personnel, to avoid the same people perform many stitch lead to errors. Build process “2 eye” cross-check between the establishment and the approval of the declaration, pen math.
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Why should businesses use software to limit the risk of delay tax?
- Reduce errors and crafts: The journal complexity of the tax, VAT, CIT, PIT, or tax resources are automatically limit errors due to data entry.
- Automatically alert states declaration deadline for submission of funds to Help businesses avoid forgetting any tax or filing late, thereby reducing the risk of calculating fines for late payment of tax.
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