Tax Advisor in Vietnam: What You Need to Know Before Outsourcing

Having Tax Advisor is your first step upon arriving in Vietnam. This blog provides you everything you should know before outsourcing. Read on

In a developing economy like Vietnam, it is challenging to get a hold of tax regulations, especially when they are revised frequently, which is to be anticipated given the country’s rapid economic growth.

With a thorough understanding of Vietnam’s regulatory tax landscape, Cekindo’s team of specialists provides the following range of tax advisory services.

Get to know Cekindo Business Outsourcing Services: Check out Tax reporting and Compliance Vietnam

Services Provided as a Part of Tax Advisory in Vietnam

Service 1: Setup of an effective and efficient tax system

  • Providing advice on how to run a business in a tax-efficient manner.
  • Discussing company ideas and setting up a tax-efficient structure, or conduct a review of the existing structure
  • Providing a comprehensive analysis of major transactions
  • Discussing concerns such as permanent establishment, tax benefits, and the availability of an Avoidance of Double Taxation Agreement
  • Determining the risks and advantages of tax legislation.
  • Recommending a tax-saving structure.

Service 2: Tax structure management that is effective

  • Assistance with tax forms and paperwork
  • Provide documentation advice.
  • Prepare or examine a draft of tax paperwork.

Service 3: Keeping the structure in line with changing laws

  • Keep the structure and update it.
  • Consultation on the new legislation
  • Examine the present tax-efficient structure to ensure that it can support future adjustments.

Related: How to Avoid Penalties for Violations in Tax and Invoicing in Vietnam

Advantages you Gain from Hiring Tax Advisor in Vietnam?

1. More time to focus on your bottom line

A businessperson should determine his or her efforts on maximizing profit, seeking new potential clients, and broadening their scope of operations. However, dealing with taxes adds to unnecessary stress on the management.

By engaging with outsourced tax consultants, management can free up their time to focus on developing important strategies that are imperative for the growth of the company.

2. Updates on time

If you struggle with keeping up with the changes in tax regulations of the country, then paying taxes accurately will be a struggle. Hence, it is suggested to have tax experts by your side who keep you informed of any changes in tax regulations that may have occurred recently or are likely to occur in the future.

3. The main advantage is accuracy & compliance

Dealing with business requirements in Vietnam can be a complex process. To establish the tax liabilities that must be paid, multiple accounts, transactions, and statements dealing with various expenditures and incomes must be addressed. Because no single person can keep track of all of these dimensions, tempered precision is a possibility. A tax specialist will provide you with the appropriate level of precision by taking care of these factors.

4. Assistance with tax filing

Another advantage of hiring a professional tax advisor in Vietnam is that they can assist a company with tax filing. Currently, if a company is having trouble submitting a tax return and finding it to be cumbersome, it may want the assistance of a tax advisor. This way, one will know what to do and what to avoid in the future when it comes to tax filing.

5. Expert’s services

​​Companies can benefit from the expertise of a tax advisor on all pertinent topics. Working with diverse types and sizes of firms has given these tax preparers a broader perspective on the issue. A tax professional may assist you in dealing with complex difficulties by reducing financial risks and even predicting potential concerns that may arise in the future.

6. Seamless operations

Another benefit of employing a professional tax advisor is the stress-free nature of the task. Hiring certified public accountants (CPAs) and tax professionals has undeniable benefits since they give an accurate and painless tax filing process. They can help you locate all possible tax deductions and creditors so that you can reduce your tax payments.

7. Better financial planning

A tax advisor not only aids with tax preparation but also provides financial planning advice. If you don’t know how much money comes in and goes out of your account, you’ll never know how much tax you owe. As a result, careful financial planning is essential in order to have an adequate and accurate estimate of how much tax return will be required in the future.

8. Save money

One can save money in business if one employs a tax advisor in Vietnam. Tax specialists, of course, are constantly up to speed on the newest tax regulations and can help taxpayers locate areas of deductions to save money on their tax returns.

9. Help with Annual Audit 

When drafting tax returns, a tax counselor examines unclear scenarios and inspects the areas that require greater attention. He/She prepares responses that might be beneficial during the annual FDI audit that all firms with foreign investment in Vietnam must comply with and ensures that you are well-presented in front of the authorities after weighing all of the options.

Conclusion: Peace of mind

Last but not least, employing a tax advisor in Vietnam provides you with peace of mind. If not done right, bookkeeping and taxes can throw a company off its mark in regard to its expansion goals. A very few can deal with the weight of taxation on their own, but enlisting the assistance of a professional can alleviate the load. You will have total bliss with the consultant’s help.

Contact Our Consultant

Tomas Svoboda - Cekindo - Vietnam Country Manager

Verified by:​

Ing. Tomas Svoboda

Tomas is the co-founder & Chief Business Development Officer responsible for Vietnam. His role is to define the key potential of the Vietnamese market and to ensure that Incorp's branch in Vietnam provides its clients with smooth and hassle-free market entry solutions.