Each jurisdiction has its own unique tax code, and ensuring compliance with ever-changing tax laws and regulations can be a challenge. Business owners, foreign and domestic, should be informed of their regional tax requirements to not only warrant compliance but also to design the most profit-optimizing fiscal structuring. As the legislative vernacular is not universally interpretable, Corporate Counsel’s group of tax compliance lawyers set out to be the bridge between legal laymen and their most sensible tax plans.

What Are Tax Compliance Laws Like In Vietnam?

Governed by the National Assembly of the Socialist Republic of Vietnam, tax laws in Vietnam are based on laws and regulations issued through the Ministry of Finance (MOF) and the General Department of Taxation (GDT).

However, Vietnam consists of 64 self-directing regional provinces where local authorities are responsible for the administration of registered taxpayers within their provinces. There are also a variety of laws imposed on assets, capital gains, profits, or earnings of corporations. This culminates in a general decentralization of tax administration practices with different interpretations of law and regulation that can be difficult to follow.

To comply with these tax laws, taxpayers have to register, file, and pay taxes in accordance with different regulations that undergo changes as the sophistication of tax authorities increases over time. Significantly, for businesses with multiple branches, business owners will be subjected to different tax laws based on the tax regulations of various registered locations.

What Happens If You Do Not Comply With Corporate Tax Laws?

In Vietnam, tax audits are a common occurrence, and they may cover a range of various taxes or a number of years of records. Generally, tax periods remain open until audited by authorities from the corporations’ registered provincial location. However, in the event that tax audits prove non-compliance with corporate tax laws, businesses may face penalties that can add up to a hefty sum.

For the identification of underpaid taxes, a penalty of 20% of the primary tax not paid may be applied in addition to the late payment interest of 0.03% per day. In cases of tax fraud or evasion, a penalty of up to 300% can be imposed on corporations. Autonomous disclosure of incomplete tax payments, on the other hand, will only incur late payment penalties. Administrative fines and penalties can also be imposed depending on the circumstances of the tax disputes.

What Types of Corporate Tax Law Compliance Advisory Services Do We Provide?

To help you stay on top of your businesses’ tax filing and compliance procedures in Vietnam, our team of commited lawyers can provide you with these quality corporate tax compliance services that can be customized according to your unique needs and requirements.

Tax Law Advisory

Designed to enable maximizing tax saving opportunities and minimize unnecessary tax liabilities, our tax compliance lawyers will advise on tax implications of transactions and help you reduce time spent on managing tax compliance and risks. Combining tax law expertise with our in-depth knowledge of industry practices in Vietnam, our law firm has worked with clients to recommend the most tax-efficient models that are aligned with your business’s commercial objectives and purpose.

Corporate Tax Compliance and Filing Services According to Vietnam Laws

With extensive experience in meeting strict local and federal compliance requirements within tight mandated deadlines, we are able to provide support in the preparation of documents for tax audits by state authorities in different registered provinces. We also offer tax administrative services in monitoring tax filing deadlines, payment dues, and applications for income tax returns or withholding tax services.

Tax Incentives Services

The Vietnamese government is keen on encouraging businesses or investments in under-developed areas of the country as well as promoting a more diverse workforce, therefore, tax reductions are available for corporations that fit into certain requirements. Our skilled lawyers will be able to identify these opportunities and assist your business in obtaining the chance to be considered for further tax exemptions.

Tax Petition Services

In cases of tax disputes where businesses require legal advice and support to overcome unfavorable treatment from state authorities, Corporate Counsel tax compliance lawyers can draft and submit official petition letters or represent your business in interactions with relevant authorities.

Why Engage Tax Compliance Lawyers From Corporate Counsel?

Well-versed in regional Vietnam tax law and fiscal regulations, our international tax lawyers have provided business tax services and counseled multinational firms on the tax implications of their existing business structure and conducts under the context of Vietnamese law. We then walk them through how to find and develop a more advantageous strategy whilst conforming to the tax code. Our business tax attorneys are highly sophisticated communicators who practice patience and explain in plain, understandable language. Only then can we be sure that our clients have a strong grasp of the crucial details.

Corporate Counsel – Top tax law firm in Vietnam, will research your particular needs against Vietnam’s tax regulations and devise a fitting monetary arrangement to help you achieve your objectives while ensuring legal compliance. No matter if you are an organization trying to restructure your finances, a company searching for a small business tax attorney, or an individual looking for a solution to hefty inheritance taxes, our capable team of tax compliance lawyers will be able to assist you. We also provide legal counsel in cases involving corporate governance and cyber security compliance in Vietnam. Contact us to find out more about Corporate Counsel and our range of services in different industries for international and domestic clients in Vietnam.