{"id":216,"date":"2020-01-30T16:24:48","date_gmt":"2020-01-30T07:24:48","guid":{"rendered":"http:\/\/suzuki-global.com\/vietnam-accounting\/?p=216"},"modified":"2021-12-21T14:00:54","modified_gmt":"2021-12-21T05:00:54","slug":"explanation-of-overseas-remittance-from-vietnam-statutory-audit-tax-declaration-and-penalties","status":"publish","type":"post","link":"https:\/\/suzuki-global.com\/en\/explanation-of-overseas-remittance-from-vietnam-statutory-audit-tax-declaration-and-penalties\/","title":{"rendered":"Vietnam&#039;s overseas remittances, audits and taxes | Explain tax returns and penalties!"},"content":{"rendered":"<h2><span style=\"font-weight: 400;\">Vietnam&#039;s overseas remittances, audits and taxes | Explain tax returns and penalties!<\/span><\/h2>\r\n<ul>\r\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All foreign-invested companies are required to audit their annual financial statements before transferring profits to their respective markets.<\/span><\/li>\r\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Tax penalties in Vietnam (late taxes and additional taxes)<\/span><\/li>\r\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Vietnam is growing rapidly in ASEAN, but the tax system is time consuming and complicated.<\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-weight: 400;\">Before transferring the profits to the parent company, the foreign-affiliated companies operating in Vietnam are required to meet the legal requirements for the whole year. These include statutory audits, audited financial statement submissions, and tax returns. Not only are these procedures mandated by law, but they also provide an opportunity to confirm the financial health of a company.<\/span><\/p>\r\n<h2><span style=\"font-weight: 400;\">Vietnam legal audit<\/span><\/h2>\r\n<p><span style=\"font-weight: 400;\">In compliance, all foreign invested companies are required to have their annual financial statements audited by an independent auditing firm. Vietnam statutory audits are conducted according to Vietnamese standards for auditing, but financial reporting must be conducted according to Vietnamese accounting standards.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Vietnam&#039;s accounting standards can differ significantly from those of the parent company, so it is important to check with experts for differences.<\/span><\/p>\r\n<h2><span style=\"font-weight: 400;\">Tax filing and overseas remittance<\/span><\/h2>\r\n<p><span style=\"font-weight: 400;\">Audited financial statements and tax returns<strong>Within 90 days from the end of each fiscal year<\/strong>Must be done in. Fulfill these obligations and<strong>Notify local tax office 7 business days in advance<\/strong>After implementing, foreign investors can remit profits overseas.<\/span><\/p>\r\n<h2><span style=\"font-weight: 400;\">Penalties for Vietnamese companies (late taxes and additional taxes)<\/span><\/h2>\r\n\r\n<figure class=\"wp-block-image size-large\"><img src=\"http:\/\/suzuki-global.com\/wp-content\/uploads\/2020\/01\/punishment-tax.jpg\" alt=\"punishment tax\" class=\"wp-image-80\" \/><\/figure>\r\n\r\n<p><span style=\"font-weight: 400;\">Penalties (delinquent tax and additional tax) will be required if Vietnamese companies are not able to file and pay taxes accurately within the deadline.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Late tax is required for taxpayers who have not filed or paid their tax within the deadline.<u>Unpaid tax amount and number of days late A fine equivalent to 0.03% of the tax amount per day<\/u>Is required. In addition to late tax, there are additional tax penalties for those who do not file their tax returns. For tax evasion shortfalls<u>20% heavy tax<\/u>Is required separately. For taxpayers who intentionally evade taxes<u>3 times the tax evasion amount<\/u>Since fines are required, it is necessary to pay close attention to whether you are properly filing and paying taxes.<\/span><\/p>\r\n<h2><span style=\"font-weight: 400;\">Overseas remittance from Vietnam<\/span><\/h2>\r\n<p><span style=\"font-weight: 400;\">Vietnam is one of the fastest growing countries in ASEAN, but it also has a complicated and time-consuming tax system in ASEAN. The Vietnamese government has been making significant improvements in legal requirements and procedures in recent years. Therefore, it is necessary to understand the matters that the tax system is revised every year and the procedure is improved.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">In order to comply with Vietnamese law and ensure that profits can be transferred without problems, we recommend that you check with a specialized Vietnamese institution\/company as appropriate. We strongly recommend that you consult with a person who has a thorough understanding of tax reforms and changes in standards.<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>Vietnam&#039;s overseas remittance, audit and tax | Tax declaration and penalties explained! All foreign investment companies are required to enter their respective markets [\u2026]<\/p>","protected":false},"author":2,"featured_media":108,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6,71],"tags":[65,66,67,112],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/suzuki-global.com\/en\/wp-json\/wp\/v2\/posts\/216"}],"collection":[{"href":"https:\/\/suzuki-global.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/suzuki-global.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/suzuki-global.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/suzuki-global.com\/en\/wp-json\/wp\/v2\/comments?post=216"}],"version-history":[{"count":5,"href":"https:\/\/suzuki-global.com\/en\/wp-json\/wp\/v2\/posts\/216\/revisions"}],"predecessor-version":[{"id":7823,"href":"https:\/\/suzuki-global.com\/en\/wp-json\/wp\/v2\/posts\/216\/revisions\/7823"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/suzuki-global.com\/en\/wp-json\/wp\/v2\/media\/108"}],"wp:attachment":[{"href":"https:\/\/suzuki-global.com\/en\/wp-json\/wp\/v2\/media?parent=216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/suzuki-global.com\/en\/wp-json\/wp\/v2\/categories?post=216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/suzuki-global.com\/en\/wp-json\/wp\/v2\/tags?post=216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}