On November 10, 2015, the Ministry of Finance issued the Circular No. 174/2015/TT-BTC guiding the accounting operations of tax and other revenues for imported and exported goods.

In according with this Circular’s regulations, the application of information technology in import and export tax accounting of the customs authorities at all levels must ensure the serious and complete compliance with principles and requirements of accounting laws. The General Director of General Department of Customs shall provide detailed instructions on procedure for use, management, updating and operation of information and data of information technology system applied in import and export tax accounting (referred to as import and export tax accounting system) applied in customs units from January 01, 2017.

Besides, the Circular also prescribes that import and export tax accounting must take actions as recording all operations of tax and other revenues for the imported and exported goods incurred in the period in the accounting book and accounting report; recording information and data of import and export tax accounting clearly, understandably, accurately and within a prescribed time limit; truthfully recording the reality, nature, contents and value of tax operations and other revenues for the imported and exported goods; the information and data of import and export tax accounting must be recorded continuously; the accounting data of this period must succeed the accounting data of the previous period and the information and data of import and export tax accounting must be classified and arranged in sequence, systematically and consistently with tax management indicators.

This Circular takes effect on January 01, 2016.

 

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