Tax due diligence procedures for a foreign representative office in Vietnam include assessing personal income tax, mandatory social insurance, lawful invoices and documents verifying revenues and expenditures, declaration documents, tax data and status, tax planning, and tax risks.
Tax due diligence procedures for a foreign representative office in Vietnam provide essential information for decisions on changing the chief representative, dissolving the office, and conducting tax inspections as required by state agencies.
TAX PROCEDURES FOR REPRESENTATIVE OFFICES
- Tax registration for domestic and foreign employees.
- Monthly and quarterly tax declarations.
- Annual tax settlement for domestic and foreign employees.
- Personal income tax refunds.
- Tax planning and file management for individuals and foreign experts.
- Risk assessment and management of inspection procedures from tax authorities.
- Tax completion certificate.
NOTE ON COMPLIANCE PROCEDURES
- Open a bank account for the representative office in accordance with regulations.
- Prepare income and expenditure reports (cashbook, petty cash).
- Store receipts, invoices and documents verifying daily income and expenditure.
- Prepare documents verifying employee relations.
- Prepare documents confirming salaries and deductions.
- Collect and store employee records for both domestic and international staff.
