Our active member, EY has shared that Ministry of Finance has issued its Notification No.0636/MoF dated 26 March 2020 relating to the postponement of deadline for submitting the financial report 2019.
Upon the proposal of Accounting Department and considering the context of COVID-19, the Ministry of Finance has accepted to delay the official date for submission of year financial report 2019 to 30 April 2020.
This postponement decision is issued by Ministry of Finance to the attention of Accounting Department, Accounting Sectors of Finance Departments of Vientiane Capital and other provinces and for implementation by businesses operating in Lao PDR and accounting & audit firms.
As a reminder, under Article 48 of Accounting Law, businesses operating in Lao PDR shall submit their year financial report within the 3 months following the closing of accounts, in practice resulting in a deadline of 31 March. It is still recommended to prepare and finalize year financial statements for submission along with the application for year tax and accounting compliance certificates, by the new official deadline of 30 April 2020.
To download Notification No.0636/MoF dated 26 March 2020, please click Download
On the same date, Ministry of Finance has issued its Notification No.0898/MoF relating to the postponement of deadline for submitting the financial report 2019.
This new Notification is specifically issued to the attention of Tax Department, Provincial Tax Offices and Tax Divisions throughout the country. While the previous Notification No.0636/MoF issued the same day was generally dedicated to the Accounting Department, Accounting Sectors of Finance Departments of Vientiane Capital and other provinces.
The deadline is still postponed to 30 April 2020. The measure is to avoid crowd affluence at tax offices and allow tax officials to prepare themselves with protection against COVID-19.
To download Notification No.0898/MoF dated 26 March 2020, please click Download