Corporate Compliance Checklist in Early 2021

Corporate compliance checklist in early 2017

Corporate Compliance Checklist in Early 2021

(Last Updated On: January 13, 2021)
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corporate compliance

Compliance procedures for domestic and foreign corporations are slightly different from compliance procedures for foreign representative offices in Vietnam. However, any businesses in Vietnam should obtain an internal audit plan to examine tax, human resource, payroll and compliance reports in 2020 for a better 2021.

In the first quarter of 2021, corporations need to strictly monitor the implementation of annual compliance tasks required by the state agencies. In particular,companies need to prepare and submit several corporate compliance reports which are mentioned below:

A. Tax – Accounting

1. Compulsory tasks

  • Declare and pay license tax.
  • Pay personal income tax for Q4 of 2020.
  • Financial statement and settle personal income tax and corporate tax.
  • 2020 financial statement audit.
  • Accomplish and submit statistical return.
  • Report on the use of invoice – personal income tax withholding receipts.
  • Make a list of employees subject to settle PIT directly with the tax authorities.

2. Other important tasks

  • Internal audit of tax declaration and payment.
  • Re audit tax payment receipt.
  • Examine the balance – tax situation with the tax agency.
  • Collect and organize all related documents and invoices for Tax assessment.

B. Labor and Payroll

1. Compulsory tasks

  • Sign labor contracts and contract annex for new salary agreement in 2021 for every employees.
  • Adjustment procedures for insurance declaration and payment.
  • Register and amend payroll system, internal labor regulations, labor agreement… To update new regulations and benefits policies that brought into effect in early 2021.

2. Other important tasks

  • Collect, organize and update staff information such as pay raise, attendance, overtime, discipline.
  • Certifying income, personal income tax withholding vouchers for seasonal employees, employees have direct income from abroad.

CORPORATE COMPLIANCE CHECK LIST 2021

 

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Read more:

Doing Business in Vietnam – General Terms And Conditions

Doing Business In Vietnam – Vietnam Company Registration

Industrial Zone In Vietnam – Procedures And Point To Consider For Investor

Business License – Key Compliance Procedures For Business License Management In Vietnam



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