The new tax and accounting policies from Law No. 56/2024/QH15 will take effect from January 1, 2025.

Law No. 56/2024/QH15 amends 9 important laws, including new regulations on taxation and accounting. Here are the key changes:

1️⃣ No requirement to record the name of the recipient on accounting documents
According to the new regulation, recording the name and address of the organization, agency, unit, or individual receiving accounting documents is no longer mandatory. This change aims to reduce administrative procedures and abolishes point d, Clause 1, Article 16 of the 2015 Accounting Law.

2️⃣ No supplementary tax filing after a tax audit decision
Taxpayers can file supplementary tax documents within 10 years before the tax authority announces the audit decision. However, for contents under audit, taxpayers can only supplement the documents based on the conclusions of the relevant authority.

3️⃣ Adjustment of late tax payment calculation
The late payment interest is now calculated continuously from the day after the tax deadline until the day before the tax payment is made to the state budget. This regulation amends and supplements point b, Clause 2, Article 59 of the Tax Management Law.

4️⃣ Adjustment of the accounting period
The first or last accounting period can now be extended for no more than 15 months, as long as the extension does not exceed three consecutive monthly accounting periods. This amendment to Clause 4, Article 12 of the 2015 Accounting Law aims to resolve issues in financial reporting.

These changes simplify procedures, saving time and costs for businesses, while creating a more favorable environment for compliance. Businesses need to understand and apply these changes correctly in 2025! 💼📊