TAX COMPLIANCE IN VIETNAM
Every company in Vietnam, both local and international, is required to comply with all applicable regulations.
In terms of corporate tax reporting and compliance, your company should submit tax statements on a monthly, quarterly and annual basis, regardless of whether you conduct any business activities and have any tax liabilities or not. Tax statements should be processed timely and with great accuracy for on-time submission. This is where YNN can assist you to comply with tax reporting regulations in Vietnam.
BENEFITS OF OUTSOURCING TAX REPORTING IN VIETNAM
By choosing our tax and accounting services in Vietnam, you will:
- Minimize your operational costs and administrative burdens
- Increase the flexibility and efficiency of your business in the long run
- Get accurate reports submitted on time
YNN takes pride in its multinational team of experienced and skilled professionals. Possessing knowledge of Vietnamese business processes and regulations, our accountants ensure tailored solutions to accommodate your business needs. We will always make sure that our tax reporting is based on your requirements and in accordance with the Vietnamese standard operating procedures and applicable laws.
OUR CORPORATE TAX SERVICES INCLUDE:
1. Monthly, quarterly and annual tax reporting
Rest easy as you let us handle your accounting, e-filing and tax obligations. We take care of the output value-added tax (VAT) i.e. invoices issued for clients, and input VAT (i.e. invoices issued based on services provided). We also submit a monthly report that provides information on the number of invoices issued for clients as well as the number of canceled invoices. Furthermore, we provide corporate income tax and personal income tax calculation services.
2. Preparing financial report
Not only do we take care of your monthly, quarterly and annual tax reporting, our accounting and tax experts also prepare your financial statements by end of the year as well as classifying and checking the validity of all reports and whether they are in compliance with the regulations prior to submitting the final financial statements.
3. Other tax compliance such as Withholding Tax, internal tax accounting
In addition, we also take care of other tax compliance in Vietnam, such as withholding tax and internal tax accounting, if required by your company. Withholding tax rates may be different between one company and another, depending on a contract.
4. Tax Auditing
Last but not least, we offer tax auditing services to companies who require professional assistance and support in preparing reports to be submitted to the tax auditing office in Vietnam.
Contact us
Please send your question(s) by filling in this form. Our consulting team will quickly answer you via E-mail. Feel free to visit our office to get more details about our services.
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Frequently Asked Questions
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My company has been established but currently does not have any activities, should I report the company’s taxation?
After your company is established, it is mandatory to submit monthly and annual reports even if you do not have any business activities and zero taxes.
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What are the deadlines for annual tax return?
The deadline for both the corporate income tax as well as individual tax returns is on 31st March.
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What are the tax rates for corporate income tax in Vietnam?
The CIT rate is different depending on the type of business: 20% for standard CIT (the most prevalent CIT for most industries) and 32%-50% for oil and gas sectors, and other industries involved in extraction.
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What is the standard financial year in Vietnam?
January 1 to December 31 is the standard financial year. However, given the special conditions, companies in Vietnam are allowed to adopt their own financial year. The alternative financial year can end on March 31, June 30, or September 30.
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What is used to calculate corporate income tax?
Assessable income. Contact our tax specialist to understand what is meant by assessable income.
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What kind of financial statements that YNN manages?
Plenty, among them are Trial Balance, Balance Sheet and Profit & Loss Statement.