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TAX MANAGEMENT – TAX PLANNING IN VIETNAM
PROPERLY COMPLY TO OPTIMIZE YOUR LONG TERM BUSINESS

TAX MANAGEMENT – TAX PLANNING IN VIETNAM
PROPERLY COMPLY TO OPTIMIZE YOUR LONG TERM BUSINESS

VIVA BUSINESS CONSULTING là công ty tư vấn doanh nghiệp được tín nhiệm bởi hằng ngàn khách hàng danh tiếng từ năm 2006. VIVA cung cấp nền tảng quản lý toàn diện và nguồn lực thực thi theo cách kết hợp đồng thời của: Luật pháp và thủ tục hành chính trong kinh doanh – Quản lý thuế và kế toán – Quản trị quan hệ lao động – Quản trị tài chính doanh nghiệp – Quản trị và kiểm soát nội bộ. Năng lực của chúng tôi giúp khách hàng lường trước các rủi ro, tối ưu chi phí, kiến tạo lợi thế kinh doanh.

VIVA is a business consulting company, specializes in business compliance procedures according to local business laws and regulations since 2006. VIVA has been continuously trusted by thousands of well-known clients since 2006. We are creating added value for clients by offering one-stop business platform with exclusive and tailored-made services related to market entry and mandatory business compliances. We keep our client’s good standing in lawful and optimal manners whenever they are working and doing business in Vietnam.

Tax management – Tax planning in Vietnam - Properly comply to optimize your long term business

Tax planning is pivotal in charting the course, establishing principles, and laying the foundation for seamless tax compliance in the years ahead. It encompasses both compliance management and tax expense optimization objectives.

RELEVANT TAX EXPENSES FOR AN ENTERPRISE IN VIETNAM:

  1. Value-Added Tax (VAT)
  2. Corporate Income Tax (CIT)
  3. Personal Income Tax (PIT)
  4. Foreign Contractor Tax (FCT)
  5. Capital Assignment Profits Tax
  6. Natural Resources Tax
  7. Property Taxes
  8. Environment Protection Tax
  9. Import and Export Duties
  10. Social, Health and Unemployment Insurance Contributions
  11. Tax Audits and Penalties

TAX COMPLIANCE AND TAX EXPENSE OPTIMIZATION SOLUTIONS

Tax Compliance

  1. Recording and declaration of taxable revenue.
  2. Recording and declaration of deductible expenses before tax payments.
  3. Legal corporate documents aligning business lines with revenue and expense-generating transactions.
  4. Documents establishing eligibility for tax incentives.
  5. Compliance with reporting, invoice, document, accounting book, and financial reporting regulations.

Tax Expense Optimization Solutions:

  1. Precise declaration to prevent accumulated tax audits and penalties in the future.
  2. Application of regulations on tax exemptions, deductions, refunds, and non-taxable conditions; tax debt charge-offs; tax debt, overdue interest, and penalty written-offs; overdue interest and penalty waive; non-imposing overdue interest; extension of tax payment deadlines; and payment of tax debts in installments.
  3. Proper application of regulations on tax calculation bases and deductible expenses to minimize taxable income and maximize deductions.
  4. Tax planning based on investment, revenue, and cost projections; and tax expense balancing across various tax categories.
  5. Creation of tax shields based on financial costs, investment costs, and related-party transactions.

COMPREHENSIVE TAX MANAGEMENT FOR AN ENTERPRISE’S LONG-TERM BUSINESS OPERATIONS IN VIETNAM

Internal Auditing:

Internal auditing helps identify overall compliance status and tax risks to facilitate a proactive tax planning approach. Internal auditing encompasses the following key aspects:

  1. Evaluation of legal documents, investment projects, and eligibility for tax incentives based on industry and investment region-specific criteria
  2. Control of tax compliance in terms of quantity, form, and content of original documents, accounting books, and business reports from December 2021 to June 2023.
  3. Reassessment of the entire business operations with respect to each transaction; methods to establish legal and optimized relationships between transactions; methods to complete valid documentation for each transaction; and methods to optimize tax liabilities as well as address and mitigate potential risks.
  4. Data review: review of the accuracy of each transaction and accounting data, consistency between such data, and alignment with other compliance standards.
  5. Evaluation of methods to establish compliance documents within business operations in accordance with current regulations, including lists of licenses, personnel records, labor and payroll records, tax declarations, income-expenditure records, invoices, and documents, and guidance on compliance standards for each record.
  6. Evaluation of the arrangement and organized storage of documents to facilitate management information and meet government authority requirements promptly.

Tax Planning:

Tax planning is pivotal in charting the course, establishing principles, and laying the foundation for seamless tax compliance in the years ahead. It encompasses both compliance management and tax expense optimization objectives.

  1. Analysis of legal position, business lines, and business plans related to taxable revenue and input costs.
  2. Budget estimation for different tax categories based on actual business operations.
  3. Identification of potential tax incentives and reductions
  4. Balancing and optimization of tax expenses across different tax categories.
  5. Creation of sales and cost plans for affiliates
  6. Establishment of optimal tax budgets
  7. Formulation of processes, forms, and rules for transaction identification and documentation for each transaction.
  8. Management of tax declaration and payment in compliance with regulations and plans.
  9. Proactively obtaining guidance and guarantees from regulatory authorities
  10. Regular internal audits and tax reconciliations.

VIVA BUSINESS CONSULTING’S TAX MANAGEMENT SERVICES

  1.  Tax Management and Management of Compliance Procedures with Government Agencies

    • Conducting internal audits and tax planning, including evaluating related tax categories, compliance records, tax status, tax planning, incentives, and tax-related risks, ensuring the legality and validity of issued invoices.
    • Providing expert advice and organizing and managing the business records system
    • Coordinating the preparation and submission of comprehensive compliance reports, including value-added tax (VAT), personal income tax (PIT), corporate income tax (CIT), withholding tax, etc.;
    • Coordinating the control of supporting documents for each transaction, developing accounting book systems, and preparing financial statements in strict adherence to regulatory requirements;
    • Managing labor relations with employees, insurance agencies, and tax authorities;
    • Taking charge of periodic reports as required by the tax, business registration, and labor authorities;
    • Acting as the representative for clients in regular interactions with government agencies or on specific matters. Providing support in liaising with banks and partners concerning relevant data and reports;
    • Conducting periodic or requested internal audits of records, documents, and data to meet diverse compliance requirements. Preparing quarterly or annual management letters to report data, operating results, potential risks, and preventive measures to the Management Board;
    • Offering expert guidance on transactional matters and handling emerging issues related to daily operations and at the specific requests of the Management Board;
  2. Consultancy on Internal Management

    • Corporate Financial Management:

      • Evaluating total capital and assets engaged in operations
      • Assessing the capital structure, including equity, loans, and other capital sources
      • Analyzing cash flow, cost of capital, and actual business performance;
      • Developing strategic plans for capital raising, capital mobilization, capital transfer, and cost of capital optimization.
    • Corporate Legal Records Management:

      • Legal entity records
      • Ownership records
      • Company Charter
      • Records of capital contribution and ownership rights within the company
      • Records of intellectual property rights, trademarks, and business locations
    • Shareholder Relationship Management

      • Ownership and governance rights
      • Internal decision-making mechanisms
      • Internal conflict prevention
      • Conflict of interest prevention
      • Inheritance, share transfers, and changes in shareholder structure
    • Human Resources Management

      • Wage regulations
      • Internal labor regulations and disciplinary procedures
      • Collective labor agreements
      • Organizational charts and job positions
      • Standardized templates for labor contracts
  3. Due Diligence and Conflict Management Services

    • Senior Management Due Diligence

      • Criminal record certificates
      • Employment history
      • Professional qualifications
      • Financial capabilities
      • Competitive factors and conflicts of interests
    • Clients and Partners Due Diligence:

      • Legal entity records
      • Credit records of business individuals
      • Compliance with relevant business laws and regulations
      • Litigation history, restraining orders, seizures, or obligations to third parties
      • Financial capabilities
    • Business Conflict and Dispute Resolution

      • Collecting and analyzing all relevant documents to the case
      • Assessing the case’s impact and legal basis
      • Developing optimal solutions that protect your business’ legitimate rights and interests
      • Creating an action plan for conflict resolution
      • Providing ongoing support throughout the implementation process

 

We look forward to your consideration and acceptance.

ABOUT VIVA BUSINESS CONSULTING

VIVA is the local expertise for local business compliance procedures, has been trusted by thousands of foreign investors, multinational companies from Europe, Japan, Singapore, India, Korea, USA… for the required business compliance procedures by local laws and regulations since 2006.

Thanks for consistent of practice expertise in Business laws - Employment relations – Tax and accounting – Corporate finance – Corporate services,  VIVA has been successfully providing service for thousands of leading companies in such industries: Garment, energy, pharma, advertising, agricultural…

VIVA keeps its signature by offering one-stop business platform with regard to market entry and the mandatory business compliances. We ensure for our client’s good standing, in lawful and optimal manners whenever they are working and doing business in Vietnam.

 

VIVA not only manage business required procedures by laws but firstly places client’s compliance and good standing, in the optimal methods when offering any solution, and integrated with our intensive resources that allow us to prevent most of the risks in advance, create more benefits, advantages and business inspiration for entrepreneurs.

The insights and consistent backgrounds in Business Laws – Accounting and Corporate Finance – Tax Management – Labor Relations and Payroll – Serectarial and consistent with our exclusive standard operation processes, consisting of consultation – implementation – pratice operation help us fully protect client interests as one-stop solution.

YOU WILL RECEIVE

“If you ask any successful businessperson, they will always have had a great mentor at some point along the road.”

 

 

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