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 review tax, employment relations, payroll and compliance reports.
The plan below covers major and typical tasks for a successful internal audit of your business.
A. TAX – ACCOUNTING
1. Review Tax Declaration:
- VAT Tax.
- Corporate Income Tax.
- Personal Income Tax.
- Foreigner Contract Tax.
- License Tax.
2. Review Tax Payment:
- Tax receipts.
- Inspect declared tax.
- Inspect paid tax.
- Evaluate tax balance – situation with the tax agency.
B. LABOR AND PAYROLL
1. Personnel record:
- Local employee record.
- Foreign employee record.
- Dependent relief record.
- Labour contracts and annex.
- Salary vouchers and documents.
- Tax withholding payment vouchers and receipts.
- Records of pregnancy, leave out, accident…
2. Labor compliance management:
- Employment record.
- Pay-scale.
- Declaration and payment of insurance.
- PIT declaration and settlement.
- Payment vouchers.
- Review payable and paid amounts to the state agencies.
- Foreign employees compliance procedures.
3. Salary and other Employment relations policies:
- Analyzing the payroll, structuring salary based on corporate divisions and individuals.
- Examining personnel record, KPI.
- Collecting employee’s attendance information, performance for payroll.
- Evaluating and updating labor regulations, rules and agreements.
- Announcing business results, achievement, KPI, salary and bonus for each employee.
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.
- An email and a phone call from us
- A copy of our Confidentiality Commitment
- An appointment with our experts
- A suitable solution for your concern
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Richard Branson
Read more:
- 03 steps to a successful financial statements audit
- Notice on financial statement audit for FDI companies
- Legal documents review & completion program for business in Vietnam
- Taxable incomes from wages and remunerations
- Foreign employees – personal taxable income – methods of declaration
- Foreign representative office – cashbook and lawful invoices for tax inspection
- Representative office vs subsidiary vs branch? How to transform business models in Vietnam
- How to closure a foreign representative office – tax final settlement and tax completion certificate