Paying tax is the right and obligation of all people and businesses, including citizens or foreign workers in the Vietnamese territory. The procedures related to tax rates and payment of taxes are quite complicated and require a lot of specialized knowledge. Therefore, many businesses providing tax compliance services for enterprises have been born to help businesses understand tax regulations and laws. The following post will help you understand more about Vietnam tax compliance services for businesses.
Vietnam tax compliance services for businesses
Vietnam tax compliance services
Compliance costs are costs that businesses must pay to meet legal requirements.
Tax compliance service in Vietnam is the preparation of tax returns, assessment of tax related payments and submission to the competent authority. The service will act on behalf of the taxpayer business, work and explain the results to the agency when required. This is an essential service for businesses which do not understand tax laws well.
Who should use Vietnam tax compliance services
- Individuals are foreign workers working in Vietnam and generating taxable income.
- FDI companies usually especially face language barriers and legal differences. They are advised to use outsourced Vietnam tax compliance services to minimize risks when filing tax returns.
- Some small, newly established businesses or family businesses are not knowledgeable about tax law or fully understand tax procedures and need an expert to advise, review, and accurately evaluate the tax finalization process in accordance with regulations for the company as well as employees in the company.
Why should use tax compliance services for companies in Vietnam?
Fulfilling tax obligations and complying with taxes is a problem that domestic and foreign businesses are still facing with confusion and ambiguity. As a result, many workers and businesses face difficulties in carrying out tax procedures and compliance tax. Which leads to easy errors in the tax declaration process. If the unit does not pay enough tax, it will be subject to tax arrears and administrative sanctions. Therefore, causing financial loss and reputation of the business.
Newly established businesses often have trouble with tax law and enterprise law. Because the investors are busy with the work of setting up the system and have not paid attention to tax accounting. Meanwhile, there are many procedures that businesses need to do, especially for foreign-invested enterprises.
Especially for FDI enterprises, foreigners working in Vietnam not only face language barriers but also have legal problems. Indeed, the tax provisions of Vietnamese law often change. If you are not an expert in the tax field or do not fully update the latest circulars, errors in tax compliance are extremely high. In fact, there have been many cases foreign individuals have been sanctioned and tax arrears due to failure to properly fulfill their obligations and improper tax compliance.
In order to comply with tax, individuals must prepare documents, draft forms, and calculate tax payable according to the provisions of tax law. Not only that, employees must also be fully equipped with knowledge to explain when working with tax officials. Instead, employees should take advantage of those resources to focus on developing their core work.
Therefore, Vietnam tax compliance services for all domestic and FDI enterprises was born as the perfect choice to support foreign individuals and businesses to have the optimal tax control plan.
Benefits of outsourcing tax compliance services in Vietnam
Tax compliance for businesses is a job that requires high accuracy. If there are errors in the process of tax obligations, taxpayers will be fined. Outsourcing tax compliance services to business people, all tax-related jobs will be undertaken and performed efficiently and accurately by the service company. From there, you will save costs as well as time for procedures. Optimize costs to be paid and avoid unnecessary errors to help customers feel secure in their production and business activities.
The costs associated with non-compliance are enormous and can come in various forms such as: time-consuming; court cases that can affect the image of the business; high fees, as well as possible legal fees, additional tax costs and penalties that can negatively affect cash flows. When using tax compliance services in Vietnam, the company’s services will minimize those costs by: keeping proper records; adhering to the due date for tax payment or declaration; paying the correct tax amount, and declaring the correct amount of taxable income.
The activities of foreign-invested enterprises are regulated and restricted by many laws. The company needs to know what to do and not to do to avoid future penalties. The FDI tax consulting service will help you understand the regulations and complete the most comprehensive tax procedures. Helping the company to invest in production and business with peace of mind.
The service staff are leading experts, seasoned with many years of experience in accounting as well as implementing compliance procedures for domestic and foreign businesses. And will give useful advice to customers, providing sufficient regulations for tax preparers to fully fulfill their obligations.
Choosing service provider to deploy Vietnam tax compliance services
Companies often know little about tax law, FDI enterprises encounter language barriers and differences in management and business styles. They should choose a service partner who can play a role in implementing tax compliance in Vietnam. And the service should be a bridge in management activities and business cultures in Vietnam.
The use of outsourced services is no longer a strange thing for many firms. Before making a decision, your company needs to find out and carefully evaluate the quality of the organizational unit, especially Vietnam tax compliance services.
So what are the criteria for choosing a partner to implement tax compliance services in Vietnam? Based on those requirements, we suggest a number of criteria to help enterprises to choose suitable partners.
- Professionality: Professionalism is reflected in accounting, finance and tax majors.
- Experience: The personnel in service companies need to be proficient in tax law, have extensive knowledge of tax accounting and understand the subjects of tax law. They can represent businesses to solve tax-related issues, guide taxpayers to perform jobs directly related to business taxes.
- Certificates: Certificates and licenses are not only an assurance of prestige and capacity, but also reflect the organization’s ability to take responsibility for its partners in the process of deploying service. In particular, they need to have a Certificate of Auditor (CPA) or certifications such as ACCA, CIA, certificate of tax procedure service,…
- Prestige and reliability: Prestige and reliability are reflected in the reputation of the service company in its field, which guarantees the company provider can assume liability for Vietnam tax compliance services.
Vina Bookkeeping – Vietnam tax compliance services For Japanese Companies and FDI Enterprises
Based on the criteria and analysis of tax compliance at businesses, you can refer to the firm specialized in providing Vietnam tax compliance services – Vina Bookkeeping Co.,Ltd.
Overview of Vina Bookkeeping
VINA BOOKKEEPING CO., LTD. (“VBK”), a memebr of I-Glocal Japan, is one of the leading mid-tier accounting and advisory firms in Vietnam. Under its core purpose of being the firm of choice for growing businesses looking for high quality and personalized services, VBK provide expert services in bookkeeping, accounting, taxes, and consulting for Japanese and FDI enterprises in Vietnam. In two consecutive years 2018 – 2019, VINA BOOKKEEPING is in the Top 10 largest accounting firms in Vietnam ranked by the Ministry of Finance.
We are committed to implementing our mission of Quality First (Quality First) and the spirit of Dedicated Service exceed customer expectations. Service quality has complied with Japanese standards and commit to satisfy all customers.
Our services: Bookkeeping, Accounting, Tax, Payroll and Advisory services.
Tax compliance service for businesses of Vina Bookkeeping
Tax Compliance Service is Vina Bookkeeping Co., Ltd (“VBK”) ‘s specialized service to help enterprises with tax accounting, tax planning, tax saving, risk-reducing, and tax compliance.
In fact, enterprises often have to pay a huge amount of tax arrears and fines after-tax inspection. This is because enterprises have not completely understood the current tax laws, leading to improper tax declaration. Business leaders do not know whether their accountant is doing the right thing or not. Leading to an inability to estimate tax risk.
To help the enterprise know about tax risks, and take measures to avoid tax risks, increase compliance before tax inspections at enterprises, We build a tax compliance package.
Tax Compliance Service include
- Submit the questionnaire for customers to fill in;
- Submit list of required documents for customers to prepare;
- Check and compare data on the tax declaration, financial statements, budget reports, accounting books;
- Interview and request enterprises to an explanation;
- Risk assessment, list of the ability may be arrears and penalties;
- Advise to prepare dossiers, additional necessary documents;
- Estimate tax amount, fines;
- Explaining and consulting solutions for enterprises.
At the same time, VBK’s tax compliance service will perform procedures on behalf of customers such as:
- Register for a personal tax code: receive information from customers and enter data, submit registration declarations;
- Declare personal income tax for foreigners according to regulations: receive information, calculate personal income tax, submit tax declaration i according to regulations, print report and hand over results;
- Tax finalization for foreigners when returning home;
- Apply for tax exemption and tax refund for foreigners;
- Carrying out the procedures for confirming the paid PIT amount, and the procedures for confirming that the insurance has been deducted overseas.
Information and profile customers need to provide
Customers when using tax compliance services need to authorize the service party and accurately declare the following information. Such as: information on tax identification numbers, sources of income in the year, tax withholding documents, confirmation letters income receipt, dependent file, tax authority for filing, temporary residence card (if any), bank account in case of tax refund.
To support businesses in the field of accounting, a team of professional lawyers, with in-depth knowledge and experience. Moreover, Vina Bookkeeping also supports consulting on issues related to tax, business law, labor law, salary, insurance, customs…
Tax consulting service
Other tax consulting policies: License tax, excise tax, environmental resource tax, contractor tax, import-export tax, capital transfer tax….
Consulting business establishment procedures: investment registration, business registration.
Consulting and reviewing tax finalization
- Consulting on tax finalization, consulting on making financial statements;
- Explain on behalf of the enterprise when the inspector requests;
- Business representative working with the tax department.
Consulting on business transformation, restructuring and decommissioning
- Tax advice in business mergers and acquisitions (M&A), division, association, sale of equity and shares, investment in Vietnam;
- Advice on procedures for closing tax identification numbers with tax authorities when the enterprise is dissolved.
Advantages of using VBK’s tax consulting service
- Vina Bookkeeping is a company with many years of experience in implementing tax consulting, tax compliance services for domestic and foreign businesses as well as experience in working with tax authorities. Customers do not need to worry about personnel changes because the tax finalization has been undertaken by a reputable accounting service company;
- The service is performed by a team with many years of experience in providing accounting services for Japanese and FDI enterprises, fully licensed by the Ministry of Finance and the General Department of Taxation. We are committed to service quality first (Quality First) and dedicated customer service spirit (Omotenashi); Currently, we have more than 13 experts practicing tax agents at the Company, licensed by the General Department of Taxation;
- Limiting risks and errors in the process of tax declaration and finalization: Vietnam tax compliance services for businesses always ensure tax-related tasks quickly and fully. All records, tax declaration forms, tax refund and tax finalization will be provided by Vina Bookkeeping;
- New policies and legal circulars on accounting regimes, current tax regulations are always fully updated to promptly advise customers in order to maximize benefits for customers;
- Vina Bookkeeping provides tax compliance services for foreigners in Vietnam who commit to explain on behalf of foreign individuals and businesses, work with tax authorities upon request and take responsibility for compensation if there is a mistake that can cause damage to the business if the error comes from the service provider.
- Putting customer satisfaction when using Vietnam tax compliance services as the top operating motto, accompanying the company in the operation process, always looking for ways to support customers’ development.
Address in HCMC: 14th Floor, TNR Building, 180 Nguyen Cong Tru, Nguyen Thai Binh Ward, District 1, HCMC
Address in Hanoi: 12th Floor, Indochina Plaza Hanoi Office Building, 241 Xuan Thuy, Dich Vong Hau Ward, Cau Giay District, Hanoi
Phone: (028) 3821 0375 – (028) 3821 0376
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