The strong development of the economy has led to the birth of a series businesses operating in different industries. But in any field of business, domestic company or foreign-invested enterprises operating in Vietnam must pay taxes to the State. Therefore, Vietnam tax reporting services are born to help businesses understand tax regulations and laws to fulfill their obligations.
Vietnam tax reporting services for businesses
What is tax reporting?
This is a task that needs to be done regularly and periodically for all businesses from small to large. Simply put, tax reporting is a report of important documents and records so that tax authorities can understand the current operating status of the business.
Tax reporting tasks are relatively complicated, including many different transactions and papers. Therefore, this job requires the performer to have high expertise, enough knowledge and information to fulfill obligations to the tax authorities.
What is tax reporting service in Vietnam?
Vietnam tax reporting services on behalf of the company to perform operations related to tax accounting, working and explaining to tax authorities. The above service will handle matters related to property, capital, salary, tax declaration, tax payment to authorities, …etc.
This type of service has both technical operations (reporting, analysis, accounting, …) and legal elements (based on legal bases), combining the same working process with a third party service company. Therefore, this is quite a complex operation, requiring high standards to satisfy customers while not violating service standards and ensuring the work is completed in accordance with the legal basis. Therefore, service workers must meet certain skills in the accounting profession, and need to have Certificate of Auditor (CPA) or certifications such as ACCA, CIA, certificate of tax procedure service.
Missions of tax reporting services
- Support businesses to comply with current tax rules, update tax law changes. At the same time, prevent potential tax risks, find effective ways to reduce tax liability.
- Prepare and submit tax returns for clients. Consulting to support customers to handle situations effectively.
- Control tax costs, calculate taxes for investment portfolios. Find the right deductions and credits.
Those who are tax consultants 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.
Which businesses should choose tax reporting services
- Start – up business: Those who do not know enough about accounting and tax regulations to prepare reports, calculate revenue and economic efficiency, so using Vietnam tax reporting services is the perfect solution.
- Operating business: Business owners are still wondering about accounting or confused by many tax regulations. Therefore, oursourcing tax reporting service will help you reduce the burden when operating a company.
- Foreign-invested enterprises in Vietnam: FDI enterprises know little about Vietnamese law. Using an external tax service will help the organization better understand and properly implement the tax regulations, avoiding related risks when carrying out tax reporting procedures.
- Business needs tax consultants: Your business is on the rise and you are in need of a highly qualified consultant with a lot of practical experience in the field of tax accounting to be able to help you make the right decisions to run the company.
Why should choose tax reporting services in Vietnam
An enterprise is an entity that enforces tax laws throughout the course of its business activities. Each production, business or investment transaction may involve one or more taxes. Due to not fully understanding the regulations and requirements, not keeping up to date with changes in the tax law, businesses may be excluded by tax authorities from expenses, taxable revenue, tax assessment, tax collection…
Enterprises from small to large, newly established enterprises that have not yet designed an accounting system at the company, and especially FDI enterprises, tax reporting services are the optimal choice by these following reasons:
Cost savings for businesses
When businesses hire tax reporting services, they will save costs to build an accounting system or can streamline the accounting system more compactly (For example, minimizing the consequences of changing personnel, no insurance for workers…).
Tax policy is constantly changing
The economic environment is always changing, so the tax law is also updated regularly to keep abreast of the actual situation. Many businesses have difficulty in calculating, allocating, coordinating, and adding costs in the production and business process properly. Moreover, they need to satisfy the requirements of the law in accordance with current tax regulations. Coming to the tax reporting services in Vietnam, customers will be able to answer daily tax questions, receive monthly tax newsletters, and promptly update tax policies every time they change.
Tax documents are complicated and vary in each specific case
Each economic issue that occurs there are many tax documents related to regulation. If there is no extensive knowledge and regular updates on tax, it leads to the occurrence of many errors, causing many business losses when inspected by the tax authority. With a team of experts with extensive knowledge in the fields of not only tax but also Enterprise Law, Labor – Insurance, Customs, tax reporting for domestic and FDI corporates in Vietnam will help customers minimize tax risks and find reasonable solutions to existing problems.
Besides, 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 penalties in the future. Vietnam tax reporting services for FDI companies in Vietnam will help you grasp the regulations and complete the fastest and most comprehensive tax procedures, helping the company to invest in production and business.
Minimize tax risks
Tax violations are a constant risk for foreign businesses. How to limit that loss as little as possible is the desire of the company’s management. To minimize tax risk, the best way is that your business should organize a periodic tax review so that tax issues can be detected and handled immediately. The longer these problems persist, the more difficult it will be for businesses to fix and the more fines will be. However, not every company has a tax reporting department, while concurrently working with the accounting department is an overwhelming task. Therefore, in order to optimize costs while minimizing tax losses, customers can use outsourced tax reporting services in Vietnam.
VinaBookkeeping – Specializing in providing tax reporting services in Vietnam
Currently, there are many companies that provide independent accounting services on Vietnamese market. Therefore, before choosing a tax reporting service provider, you need to carefully consider the following factors: quality, company reputation, service cost, customer feedback on the service. Your business also needs to survey and compare between different service providers to choose a top quality unit.
Vietnam tax reporting services is one of the specialized services of Vina Bookkeeping Co., Ltd (“VBK”), to help domestic companies and FDI enterprises tax saving, avoid duplicate tax payments.
Vietnam tax reporting services include
Quarterly Value Added Tax (“VAT”) Filling
- Obtain relevant documents and information provided by the Company which are required for preparation of quarterly VAT declaration and seek further clarification from the Company’s management (if necessary);
- Prepare quarterly statutory VAT declarations and send them to the Company for review and approval;
- Submit the quarterly tax declarations to the tax authority;
- Advise the Company on making tax payment; and
Withholding Tax (“WHT”) Filling
- Obtain relevant documents and information provided by the Company which are required for preparation of WHT declaration and seek further clarification from the Company’s management (if necessary);
- Prepare WHT declarations for each of making payment overseas and send them to the Company for review and approval;
- Submit the WHT declarations to the tax authority;
- Advise the Company on making tax payment; and
Corporate Income Tax (“CIT”) Filling
- Assisting the Company to prepare annual CIT return based on the Company’s provision of relevant information.
- Checking accounts and relevant supporting documents provided by the Company to ascertain that taxable revenues and deductible expenses have been correctly presented for CIT calculation purposes. As a result of this process, we will issue a letter addressing potential CIT issues, CIT risks and recommended courses of actions, the adoption of which will be the company management’s responsibility;
- Forwarding the draft CIT return to the Company for final review and approval;
- Submitting the CIT returns to the local tax authorities and advising the Company of making tax payments in due course.
Preparation of the disclosure of related parties transactions (Form 01)
Under Vietnamese transfer pricing regulations, Form 01 must be completed and lodged together with the Company’s CIT finalization return. Positive disclosures in the declaration should help to reduce the risk of scrutiny by the tax authorities in relation to the Company’s transfer pricing.
Our scope of work under this assignment will be as follows:
- Assist the management in identifying the Company’s RPTs in accordance with the current transfer pricing regulations based on the information and documents provided by the Company;
- Discuss with the Company and compile the necessary data on values of the RPTs for disclosure in Form 01.
- Assist the Company in handling queries raised by the tax authorities in relation to the disclosures provided in Form 01. This will not be a defense, on the Company’s behalf, of its transfer pricing policy.
- Our deliverables under this assignment will be the completed Form 01 for the Company.
Besides, VBK also provide tax consulting service for businesses
- Consulting about CIT policy:
- Tax strategy planning;
- Advising on tax incentives for domestic and foreign-invested enterprises;
- Consulting on complaints and denunciations in the tax field.
- Answering and advising on Personal Income Tax “PIT”:
- Tax advice on employees and payable PIT rates;
- Consulting subjects eligible for PIT exemption;
- Advice on procedures for personal tax code registration.
- Consulting and answering about VAT policy issues:
- Provide information on current tax rates;
- Advice on subjects subject to VAT and payable tax rates;
- Consulting VAT refund procedures;
- Advice on how to calculate and determine VAT according to regulations.
Effectiveness of VBK’s Vietnam tax reporting services
In the current market economy, foreign-invested enterprises, joint-stock companies or large corporations operating in Vietnam all need tax reporting services. Because tax is a mandatory contribution and any business wants to minimize tax costs in business activities while ensuring compliance with the State’s regulations.
VBK analyze business operations, prioritize problem solving based on existing risks. At the same time, review the tax status of the business to determine the level of tax compliance, as well as detect tax liabilities and tax assets. Research relevant regulations and guidelines to propose practical solutions based on Vina Bookkeeping‘s extensive experience and knowledge. Guide businesses through the implementation process to ensure the solution is effective, as well as lay the foundation for future benefits and risk reduction.
A team of experienced and highly specialized tax accountants with full professional skills to carry out tax reporting procedures. Vietnam’s leading experts in the tax field, the management team has experienced key positions. Mr. Vo Tan Huu – former Deputy General Director of I-Glocal to provide specialized services in accounting, tax reporting and consulting for Japanese and FDI enterprises in Vietnam.
The team involved in solving many complex problems of businesses is ready to answer, advise customers, take on functions according to customer requirements in cases of crisis in management, recruitment, staff training and transfer. Quality service built is based on Japanese standards, we commit to satisfy our customers.
With clearly listed prices, commitment to not incur additional costs outside the contract. Customers can be completely assured of the quality and price of tax reporting services for FDI. Using Vina Bookkeeping tax reporting services creates favorable conditions for enterprises in tax declaration, payment and refund procedures in accordance with the provisions of tax administration law. All tax related formalities will be carried out by the service facility. The company does not have to spend time and human resources on the implementation of tax declaration, payment and refund procedures.
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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