Value-added tax is a turnover tax levied based on the added value generated during the circulation of goods and taxable services as the basis for tax calculation. What should a company do if it fails to file its VAT return within the due date?

What should I do if my VAT declaration is overdue?

If the value-added tax declaration is overdue, a supplementary declaration must be made. At the same time, fines will be imposed in accordance with the provisions of Article 62 of the Tax Collection and Administration Law. If there is tax payable, according to Article 32 of the Tax Collection Administration Law, in addition to ordering payment within a time limit, the tax authorities will also impose a daily late payment penalty of 0.05% of the overdue tax starting from the date of overdue tax payment. .

1. "Tax Collection Management Law": Article 32 If a taxpayer fails to pay taxes within the prescribed time limit, and if the withholding agent fails to pay taxes within the prescribed time limit, the tax authorities shall order In addition to payment within the time limit, a late payment fee of 0.05% of the overdue tax will be charged on a daily basis from the date of full payment.

"Collection and Collection Management Law": Article 62: Taxpayers fail to make tax returns and submit tax materials within the prescribed time limit, or the withholding agent fails to report to the tax authorities within the prescribed time limit. If a tax withholding and repayment report form and relevant materials are submitted, the tax authority shall order it to make corrections within a time limit and may impose a fine of not more than 2,000 yuan; if the circumstances are serious, a fine of not less than 2,000 yuan but not more than 10,000 yuan may be imposed. fine.

2. If the VAT declaration is overdue, it can no longer be submitted online. It can only be processed through media or at the tax service hall with a paper declaration form.

Definition of value-added tax

VAT is a turnover tax levied on the added value of multiple links in the production, circulation, and labor services of goods or the added value of goods. Implement extra-price tax, that is, consumers will bear the burden. Taxes will only be levied if there is value-added, but no tax will be levied if there is no value-added. Value-added tax has become one of the most important types of taxes in China. Value-added tax revenue accounts for more than 60% of China's total tax revenue, making it the largest tax type.

The taxable scope of VAT

General scope: The taxable scope of VAT includes the sale (including import) of goods and the provision of processing and repair services. Special items: Cargo futures (including commodity futures and precious metal futures); - Cargo futures pay VAT, and tax is paid during the physical delivery process.

What are the tax bases for value-added tax?

(1) The deposit collected by the taxpayer for leasing and leasing packaging for the purpose of selling goods shall be accounted separately and shall not be included in the sales tax. However, for deposits that are no longer refundable due to overdue packaging, value-added tax shall be levied at the applicable tax rate for the packaged goods.

(2) If the taxpayer uses a discount to sell goods, if the sales volume and the discount amount are stated separately on the same invoice, the value-added tax can be levied on the discounted sales volume; if the discount amount is separately stated Invoices, regardless of how they are handled financially, may not deduct discounts from sales.

(3) If a taxpayer sells goods by exchanging old goods for new goods, the sales price shall be determined based on the sales price of new goods in the same period.

Taxpayers selling goods through principal-repayment sales shall not deduct principal-repayment expenses from sales.

(4) If a taxpayer needs to compose a taxable price to determine sales due to reasons such as an obviously low sales price or no sales price, the cost profit rate in the price composition formula shall be 10%. However, for goods subject to ad valorem consumption tax, the cost profit rate in the price formula is the cost profit rate stipulated in the "Provisions on Certain Specific Issues of Consumption Tax".