Corporate Compliance Procedures At End Of 2020 And Early 2021

Corporate Compliance Procedures At End Of 2020 And Early 2021

Corporate Compliance Procedures At End Of 2020 And Early 2021

(Last Updated On: October 22, 2020)

The last months of the year is always busy with all corporates. In the first quarter of 2021, there will be a lot of corporate compliance procedures have to be implemented. Each corporate should prepared of the compliance reports and related procedures from early December to avoid missing the deadlines as well penalties from the competence state agencies.

Corporate Compliance Procedures At End Of 2020 And Early 2021

Corporate Compliance Procedures At End Of 2020 And Early 2021

 

The Procedures include:

A. Corporate Compliance Procedures For Tax – Accounting

1. Compulsory tasks

  • Declare and pay license tax.
  • Pay personal income tax, corporate income tax for Q4 of 2020.
  • Financial statement and annual settlement of personal income tax and corporate tax.
  • Independent audit for the financial statement of 2020.
  • Prepare and submit annual statistical reports.
  • Report on VAT invoices used – personal income tax withholding receipts.
  • list out the employees who subject to settle PIT directly with the tax authorities.
  • Complete the accounting books, financial statements, manage tax payable amounts.

2. Other important tasks

  • Internal audit of tax declaration and payment.
  • Double check of tax payment receipts.
  • Double check of the balance – tax payable amount with the tax agency.
  • Collect and and manage business records for tax inspections.

B. Corporate Compliance Procedures For Labor and Payroll

1. Compulsory tasks

  • Amend labor contracts and contract annex for new salary agreement in 2021 for each employee.
  • Update procedures for insurance declaration and payment.
  • Register and amend payroll system, internal labor regulations, labor agreement… To update new regulations and benefits policies that come enforce in early 2021.
  • Issue official decsision of end year bonus and allowances for each employee.

2. Other important tasks

  • Collect, organize and update employee profile annual leaves, attendance, overtime, discipline.
  • Prepare letter of confirmation of incomes, personal income tax, withholding receipts… for seasonal employees, employees have direct income from abroad.
  • Review key performance indicators of each employee and issue letter of confirmation about the allowance, bonus, promotion plan… accordingly.

 

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