Making tax reports is one of the important tasks that accountants in any business need to perform regularly and periodically. So what is a tax report as well as how are the business’s obligations on tax reporting regulated? Let’s learn more about the types of tax reports that businesses must submit monthly and quarterly through the following articles:

What is tax reporting?

Making tax report is the activity of declaring input and output value-added tax invoices arising in the process of buying and selling goods and services. Tax reports are intended to help tax authorities understand the current performance of the business.

For each business, it is extremely important to determine the types of declarations, the deadlines for submitting the declarations, and the deadlines for paying taxes when they arise. Therefore, the information in the report should be checked in detail and carefully.

What does a tax report include?

• The declarations must be submitted on a monthly or quarterly basis.
• VAT return of the business monthly or quarterly.
• Report on the use of invoices quarterly.
• Calculate and pay provisional corporate income tax (if any) quarterly.
• Monthly or quarterly personal income tax return.
• Taxes incurred (if any).

Types of tax reports to be submitted monthly and quarterly

On a monthly and quarterly basis, businesses need to pay attention to preparing tax reports, including:

• V.a.t tax.
• Personal income tax.
• Corporate income tax.

Time limit for filing tax reports for businesses

Accountants need to pay attention to the deadline for submitting tax reports to avoid penalties as prescribed. Specifically, the deadlines are as follows:

• If the business declares on a monthly basis: The deadline for submitting tax returns and tax amounts (if any) is 20 days of the following month.
• If the business declares quarterly: The deadline for submitting the value-added tax declaration and tax amount (if any) is the 30th day of the first month in the following quarter.

Hope the above article can help readers better understand what is a tax report? If you have any questions or want further advice, please contact SLF immediately for support.

Besides, SLF provides professional accounting services. For advice, dedicated and timely support on accounting and tax requirements of your business, please contact SLF.

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