Will the regulations on handling for excess tax amount of more than 10 years be changed?

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If the regulations on handling for excess tax amount late payment and fines over 10 years are amended, tax administration authorities will have not to monitor these amounts on the centralized accounting system. Photo: T.L

According to the explanation of competent authority, Article 47 of Law on Tax administration only stipulates the handling for excess tax amount, late payment, and fines within 10 years but does not stipulate for the amount over 10 years. Thereby, the centralized accounting system still monitors these amounts.

Currently, enterprises, who have overpaid tax amount over 10 years, will not be refunded tax but there are no regulations on handling these amounts to account on the centralized accounting system. Hence, the system still monitors wrongly paid and excess tax amounts within 10 years.

The Ministry of Finance proposed supplementing regulations on handling for excess tax amount, late payment and fines over 10 years. Thereby, the Tax administration authorities do not have to monitor these amounts over 10 years on the centralized accounting system.

Accordingly, in the Draft proposal on development of revised law on Tax administration, the Ministry of Finance proposed that in order to ensure the consistency with the reality and facilitate taxpayers, regulations on excess tax amount, late payment and fines over 10 years toward taxpayers subject to be deducted to the payable tax in the next term for businesses in operation at business registration address.

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Tax administration authority will pay the State budget the excess tax amount, late payment and fines over 10 years in the following cases: Tax administration authority announced to taxpayers but they refused to receive the excess amount or the Tax administration authority cannot determine address of taxpayers or announced on mass media within 30 days but the taxpayers did not come to carry out the procedures.

The amendment does not have a negative impact on the current tax administration. It also helps the tax administration authority not monitor these amounts on the centralized accounting system and ensures business’s benefits and publicity and transparency on the information on refunded amounts over 10 years.