Consulting, Tax Return Review

For many businesses, taxes and accounting are the most pressing issues, even to the extent that they can threaten the existence of the business, especially for small, medium, and micro enterprises. Consulting for a comprehensive tax declaration review for businesses is one of the critical activities akin to the general health check-ups that doctors advise us to undergo regularly every year.

Some Legal Documents Regulating the Tax Obligations of Enterprises

• Law on Tax Administration No 38/2019/QH13 dated June 13, 2019;
• Decree No. 126/2020/ND-CP dated October 19, 2020;
• Decree No. 123/2020/ND-CP dated October 19, 2020;
• Circular No. 78/2021/TT-BTC dated September 19, 2021;
• Decree No. 125/2020/ND-CP dated October 19, 2020.

The tasks that Tax Agent Specialists will perform:

1. Check the number of tax returns;
2. Check the timeliness and accuracy of tax returns;
3. Check the company's tax debt status;
4. Check the invoice cancellation status (for enterprises established before 2022);
5. Address the business owner's inquiries.

List of tax returns we will check:

1. Initial tax declaration documents;
2. License tax;
3. Charter Capital contribution;
4. Monthly/quarterly tax returns;
5. Financial statements, Corporate Income Tax finalization, Personal Income Tax finalization;
6. Personal Income Tax;
7. How to store tax records and documents;
8. Answer and provide advice on tax and accounting issues of the enterprise;
9. Special: Update relevant legal regulations throughout the company's operation.

Penalties for some tax return-related errors of enterprises

(Based on Article 13 of Decree 125/2020/ND-CP and applied to all types of tax returns)

1. Warning: Late submission of tax returns from 01 – 05 days with mitigating circumstances.
2. Fines:

• • From VND 2,000,000 to VND 5,000,000: Late submission of tax returns from 01 – 30 days, except for the above warning case;
  • From VND 5,000,000 to VND 8,000,000: Late submission of tax returns from 31 – 60 days;
  • From VND 8,000,000 to VND 15,000,000: Late submission of tax returns from 61 – 90 days; Late submission of tax returns from 91 days or more but no tax payable arises; Failure to submit tax returns but no tax payable arises;
  • From VND 15,000,000 to VND 25,000,000: Late submission of tax returns over 90 days from the tax return submission deadline, with tax payable arising and the taxpayer has fully paid the tax amount and late payment interest to the state budget before the tax authority announces the tax inspection decision or before the tax authority makes a record of the late submission of the tax return; Note: In cases where the fine amount under this clause exceeds the tax payable arising on the tax return, the maximum fine in this case will be equal to the tax payable arising on the tax return but not less than VND 11,500,000.

Estimated time to conduct an overview tax return check:

Estimated 1 – 3 working hours (Depending on the number of tax returns (years of establishment) and customer requirements).