TAX COMPLIANCE PROCEDURES FOR YEAR-END

EXCLUSIVE NOTICES FOR CEO

Any businesses in Vietnam should properly manage the tax compliance procedures and reports.

TYPICAL TAXES RELATED TO A BUSINESS IN VIETNAM

1. Value Added Tax (VAT).
2. Corporate Income Tax (CIT).
3. Personal Income Tax (PIT).
4. Foreign Contractor Tax (FCT).
5. Import and export duties.
6. Excise tax.
7. License tax.
8. Cases of incentives, exemptions and related documents.
9. Profits sharing procedure – withdrawing profits and capital investment tax.
10. Anti price transferring and related transactions.

TAX COMPLIANCE PROCEDURES NEED TO BE COMPLETED BY VIVA

Managing submitted compliance reports & year-end settlement reports

1. Collecting and storing the business records and the tax compliance reports required to be submitted monthly – quarterly – annually for each tax.
2. Reviewing for completeness and accuracy of the records and reports.
3. Reviewing figures structure and rationality with business practices and compliance requirements.
4. Actively adjusting – supplement – overcoming shortcomings.
5. Reviewing financial statements and business results.
6. Approving and closing the accounting documents system.
7. Internal auditing and reviewing revenue – cost structure – compliance procedures.
8. Closing – procedures for reconciling receivable and payable accounts, assets and inventories…
9. Independent audit of financial statements.

Managing payable taxes and comparing tax obligations with the tax authority

1. Summarizing taxes list incurred.
2. Summarizing list and tax payment documents.
3. Comparing and finalizing tax obligations, the balance of each tax.
4. Estimating and planning for amounts arising in the year. Make sure the taxes you pay are accurate and optimal.

Managing the storage of records – vouchers to prove for the data and reports

1. Lists of original required business records that must be gathered and archived.
2. Collecting documents and vouchers according to each tax requirement.
3. Checking the completeness.
4. Checking the validity and legality.
5. Numbering, locking and scanning records on computer.
6. Storing for management purposes, ensuring that the system of archives meets all inspection – settlement requirements from the competent state agencies.

Setting up tax plan – managing tax costs

1. Analysis of arising taxes.
2. Analysis of tax obligations and tax assets, tax costs.
3. Planning the management of exemptions.
4. Planning the process of tax management arising monthly – quarterly – annually.

Managing other tax compliance procedures

1. Electronic signature procedure.
2. Electronic invoice procedure.
3. Announcing and issuing of VAT invoice.
4. Profile of anti-transfer pricing – associated transactions.
5. Tax inspection – tax finalization plan.
6. Certificate of tax obligation completion.

Read more:

• Advisory services | Business compliances in Vietnam
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• The annual licensing fees
• Important notices regarding the methods of personal income tax declaration in Vietnam
• Personal income tax (PIT): annual pit settlement key notes
• Investment in Vietnam: incentives on corporate income tax (CIT)