Initial tax declaration consulting service in Vietnam

The initial tax declaration consulting service is a service that provides advice and support in resolving difficulties and obstacles related to the initial tax declaration procedures for newly established businesses. With the assistance of experts, the process of initial tax declaration will be carried out in a simple and effective manner. Below are the details of Long Phan’s initial tax declaration consulting service for your reference.

Expert consultation service for Initial tax declaration

What is the initial tax declaration?

The initial tax declaration is a crucial step that all newly established businesses must take immediately after receiving their business license. This process requires accuracy and compliance with tax reporting regulations.

To ensure this process is carried out accurately, companies specializing in auditing, accounting, and tax services provide initial tax declaration filing services. It is essential to understand and comply with the relevant legal regulations concerning tax reporting. This includes mastering the types of tax returns that businesses need to submit, the deadlines for submitting tax returns, and the timing of tax payments when they arise.

Risks of not conducting initial tax declaration

The initial tax declaration is a mandatory obligation for newly established businesses. Therefore, failure to conduct the initial tax declaration according to regulations will result in penalties as follows

Depending on the delay in submitting the initial tax declaration, the penalty for the mentioned behavior will be a warning if the submission is delayed for 01 – 05 days with mitigating circumstances. The penalty will be a fine of up to 90,000,000 VND for submitting tax returns more than 90 days past the deadline. This applies from the expiration date of the tax return filing deadline, and the taxpayer has paid the full tax amount, including late payment, to the state budget before the tax authority announces a decision to inspect or audit the tax or before the tax authority prepares a record of the late tax filing behavior.

Why businesses need consultation on initial tax procedures

Receiving expert advice on initial tax procedures can bring the following benefits to newly established businesses:

• Help businesses understand and comply with tax laws, reducing the risk of penalties and ensuring tax integrity.
• Assist in evaluating and optimizing profits through the application of deductions and reasonable expenses.
• Provide guidance to help businesses identify and minimize tax risks, preventing issues before they occur.
• Instruct in the drafting and preparation of complete tax documents, minimizing the risk of audits and supporting the audit process.
• Advise on tax strategies to ensure compliance with laws while optimizing profits.
• Guide businesses on the process and procedures for regular tax filing to ensure accuracy and timeliness.
• Consult on how to legally and efficiently optimize tax obligations.
• Advise businesses on facing tax-related issues related to special or complex transactions.
• Provide guidance in building a solid foundation for future tax strategies based on business development plans.
• Assist businesses in ensuring accuracy and timeliness in the tax declaration process, avoiding errors that could lead to negative consequences.
• Support businesses in reducing legal costs related to tax issues, protecting their interests.
• Provide information and advice on new tax policy changes to help businesses adapt promptly.

Consultation on initial tax procedures is a crucial step to empower businesses to start their financial journey in a robust and intelligent manner.

Why is it necessary to have an expert for initial tax declaration

Compilation of tasks to address before initiating tax declaration:

Initial tax consultation for newly established businesses

• Consultation on issues related to hanging a signboard at the company’s headquarters.
• Advising on the purchase of a digital signature for the business.
• Guidance on opening a company bank account and depositing funds into the account.
• Reviewing and assessing the overall financial situation of the business to ensure the accuracy and completeness of information.
• Understanding the distinctive features of the industry and business model of the enterprise to identify specific tax requirements.
• Determining the types of taxes to be declared based on the business activities, including VAT, corporate income tax, and other applicable taxes.
• Developing a comprehensive tax strategy to optimize tax benefits and minimize tax liabilities in accordance with legal regulations.
• Advisory on liquidity management to ensure the business has sufficient financial resources to meet periodic tax obligations.

Consultation on the sequence and procedures for initial tax declaration for dusinesses

• Advisory on preparing complete documentation and paperwork required for the initial tax declaration procedures.
• Detailed guidance on the sequence and procedures for carrying out the initial tax declaration.
• Advice on the authorized agency for resolution, the time frame for processing the initial tax declaration.
• Consultation on ensuring that the documentation will be processed within the specified time.
• Advisory on possible solutions for issues arising during the processing of the documentation.
• Assistance in resolving disputes with tax authorities.
• Consultation and resolution of other related issues.

Consultation on initial tax declaration procedures for businesses

Support for post-tax declaration issues

• Monitor and update notifications from tax authorities regarding any changes in tax policies and laws.
• Assist businesses in preparing for and dealing with tax audits from tax authorities.
• Provide legal advice and support in resolving any tax disputes and violations.
• Advise on optimizing tax costs and minimizing tax obligations reasonably.
• Support in facing special tax issues related to complex transactions.
• Consult on resolving and working with tax authorities to mitigate the consequences of tax violations or disputes.
• Provide guidance and support during tax audits to ensure accuracy and compliance.
• Report tax results and advise on business accounting and financial decisions.
• Monitor deadlines and remind businesses of periodic tax filings.
• Evaluate tax efficiency and propose improvements in tax strategies if necessary.
• Provide legal and judicial support for any legal issues that may arise.
• Advise on future tax strategies based on market and business environment.

Other related advisory

• Develop and evaluate tax strategies to optimize long-term tax benefits for the business.
• Advise on financial liquidity management to help businesses efficiently maintain the ability to pay periodic taxes.
• Assist businesses in managing tax risks and ensuring compliance with tax-related legal regulations.
• Provide assessments of financial performance to identify opportunities for improvement and optimize tax benefits through adjustments in financial management.
• Support businesses in understanding and complying with international tax regulations, including anti-tax avoidance agreements (BEPS).
• Provide legal support and representation for businesses in negotiations with tax authorities, especially in complex tax dispute cases.
• Develop comprehensive financial strategies including debt management, investments, and long-term financial planning to support sustainable business development.
• Support newly established businesses during the opening phase, helping them understand tax responsibilities from the onset of business operations.
• Advise on comprehensive financial strategies so businesses can address diverse financial and tax challenges effectively.

Service provision process

At Long Phan, we are committed to providing professional and benefit-optimized initial tax declaration consulting services for our clients. Our service delivery process includes the following steps:

• Step 1: Request Reception

Firstly, Long Phan receives investment consulting requests from clients. We listen to understand the client’s needs and goals to ensure the provision of the best solutions.

• Step 2: Analysis and Evaluation

We conduct a detailed analysis and evaluation of the client’s situation. Long Phan’s team uses analytical methods to provide accurate information and assessments of the current situation and future potential.

• Step 3: Solution Proposal

Long Phan’s consulting experts present and propose specific solutions. This process aims to clarify the goals, benefits, and risks of each solution, helping businesses understand and make informed decisions.

• Step 4: Implementation and Monitoring

Upon client approval of the proposed solution, Long Phan implements the plan and monitors the process of resolving the case. Throughout this process, regular reports on the status and necessary adjustments are consistently provided.

Therefore, when a new business is established, expert consultation on initial tax declaration procedures is crucial. The guidance and support of experts will facilitate the initial tax declaration process to be carried out smoothly and efficiently. If you have any questions or need expert advice and assistance on this matter, please feel free to contact Long Phan through the hotline: 0906.735.386 for assistance.