Posted 24.03. 2021 by Cekindo
Vietnam has seen a remarkable rise in the number of businesses in recent years. A successful business in Vietnam is built on several foundations, including tax reporting and corporate compliances.
The deadlines for 2021 compliance in Vietnam is coming. So is your company ready to meet the deadlines and avoid hefty fines and penalties?
There are many business and legal challenges that Cekindo’s experienced team can help you handle easily. Here are some of the highlights:
Below are the compulsory reports that companies need to submit:
There are four fiscal periods in Vietnam that foreign companies can choose from:
If foreign businesses don’t opt for a specific fiscal year, the fiscal year period is automatically to be from January 1 – December 31.
Critical compliance deadlines of CIT finalisation and Financial Statement are mostly in the first quarter of a fiscal year.
According to Point b – Clause 6 – Article 8 – Decree 126/ND-CP/2020 dated 19th Oct 2020 regulate:
“The total amount of provisional corporate income tax paid in the first 03 quarters of the year shall be at least 75% of the terminal tax. Otherwise, late payment interest shall be charged on the arrears over the period from the deadline for paying corporate income tax of the third quarter to the date of payment of the arrears”.
Companies must to pay their annual business license fee before January 30 in yearly.
In case of any change in the ERC, which affects the business license payable amount (such as: opening more branches, opening more representative offices; increasing or reducing capital …) then the company must submit a business license report no later than 30th January of the following Calendar year.
Depending on your company’s registered charter capital, the amount of business license tax can be categorized into the following:
Most report submission deadlines fall in the first quarter of the following year – last day of March. And Vietnam authorities may require companies to submit specific reports annually, bi-annually, quarterly or monthly:
a. Annual submission
b. Bi-annual submission
c. Quarterly submission
d. Monthly submission
It becomes increasingly vital for businesses to record their accounting and financial transactions accurately on a day-to-day basis. This is to ensure a company has stable financial health with full compliance with Vietnam taxation law. So here, Cekindo comes into the picture to support enterprises with tax outsourcing for 100% compliance.
Financial and taxation experts at Cekindo help companies best utilize their resources to avoid time-consuming clerical tasks and maintain accurate accounting records and submit all necessary tax reports on time.
If you are currently searching for a reliable tax outsourcing provider in Vietnam, your search ends here. Complete the form below to be connected to our tax specialists.