Vietnam is a very administrative heavy jurisdiction, which requires more hours from staff to comply than most other regions.
The lodgement and compliance obligations (from an accounting, taxation and human resources perspective) can be broken into two main categories. These lists are not exhaustive, but purely representative of the obligations that exist:
- Preparation and signing of vouchers for general ledger entries
- Issuance of VAT receipts
- Registration of employees and associated employment matters.
- Monthly or Quarterly Corporate Income Tax filings
- Annual Corporate Income Tax finalisation
- Monthly or Quarterly VAT reconciliations and filings
- Monthly Personal Income Tax filings
- Monthly Social Insurance filings
- Monthly Unemployment Insurance filings
- Annual Business Licensing Tax
- Annual Financial Statement Audits
- Lodgement of foreign employee labour usage reports
Meeting these, and other ongoing legal obligations is one that is painful, but can be achieved with the right staff, planning and supervision.
If you would like to know more, contact Domicile Corporate Services today for a discussion.