TAX REPORT FOR BUSINESS IN VIET NAM IS NOT THE EASY THING
Someone said that “To live a normal life, we just need instant values, but to live with a certain virtue and dignity, all we need is stable values”. To run a business with stable values, success is created by the belief and sense of responsibility. KCI Counsel was established in accordance with the law of Viet Nam, developed steadily based on the client’s trust. There are many factors creating the success of KCI Counsel, but the main ones are the passionate, responsible spirit in working and the values KCI Counsel brings to its clients. GCI Legal – a Law firm – with experienced lawyer team, enthusiastic consultants has become the place to maintain the belief for those who have the passion for beginning a start-up.
We understand that it is not easy to establish a business from the very beginning stages, from the process of issuing licenses to the license post-granted steps, all contain certain difficulties. A tax report is a procedure that many businesses do not understand clearly. The tax report includes many stages, and after the business is established, it is necessary to carry out the procedure of the initial tax declaration. This stage helps to report to the tax authorities that the enterprise has officially come into operation.
The procedures, as well as the order of the initial tax declaration, have many difficulties, from the stage of preparing taxation profile to work directly with the tax agency, all must comply with the process; however, we can understand that not all enterprises can process this successfully.
Even though understanding all processes, but not the way of working with the tax agency, the enterprise still cannot have the tax reporting done easily. When the initial tax reporting has done, during the period of operation, the enterprise still needs to process the monthly and quarterly tax reporting. For those enterprises having a total capital of 50 billion dongs up, the monthly reporting is needed, and for the enterprises having the total capital under 50 billion dong, they need to process the quarterly report. As the flow, each month, and quarter, enterprise need to do the report on their operation to the managerial taxation agency. All these processes are not the easy things for all startups to understand and process successfully. Understanding the requirement of clients, KCI Counsel will always accompany with the clients from the beginning stages, and they will be consulted very carefully about the necessary legal process in tax reporting.
Many clients of KCI Counsel asked that “Our business hasn’t started yet and there are no arising matters, so why do we need to do the tax reporting?”. Although not running officially, tax reporting is the compulsory process that the enterprise has to do no matter it is under operation or not. In the practical case, even your business is not under the official operation, none of the documents arisen, but in the legal aspect, your business was established and granted business code, which means that your business is under the management of the State, and you must state, report your operation to the State. The law of tax has regulations regulating specific terms in tax reporting; if an enterprise does not process as per order, procedure as well as the applicable regulations, the tax managerial agency will process the investigation and apply the fine depending on the level of violation. The fine for the actions violating the regulation of tax reporting can be up to tens of million dong.
KCI Counsel will provide their clients advice, suggestions as well as an objective assessment on the business circumstance. Besides that, Partners of KCI Counsel are willing to support enterprises to report to the State taxation agency; therefore, the clients can be free of concerns when they come to KCI Counsel.