Value Added Tax Declaration or VAT Return is a summarized report of how the taxpayers operate the business for a given time (i.e. monthly, quarterly or annually) and how much VAT they should pay for that period.
It is understood to go over the sales, procurement and those VAT related activities of the enterprises. Extra information is often added to clarify the validity and consistency of the declared amounts of tax such as contact numbers, purchased orders, items on the line and so on.
The ultimate outcome is to ensure simple structure, standardized information for tax authority to follow and clarify as required, and deadline for VAT declaration. These requirements are varied among countries and regions of practice, hence, it is vital to get an expert carrying over the task of VAT declaration.
There are certain criteria imposed by the tax authority or taxing system within the country – in this case is Vietnam – that a registered business needs to fulfill
– Within 15 days after the end of period of value added tax, a registered taxpayer must submit value added tax declaration, in accordance with forms and formalities determined by the tax authority. The value added tax payable by a tax payer for a tax period shall be payable on the date of submission of a value added tax declaration for that taxation period.
– Registration and VAT number must be issued and done in prior. Business establishments have to register to the direct tax agency under its guidance.
– VAT invoices are those reserved to declare and calculate VAT and these should follow a standardized format as well as provide all required information by tax authority.
– Foreign Contractor Tax or FCT is very specific in Vietnam for foreign entities and individuals who do business in or receive income from Vietnam. Thus, this is also included as mandatory part of VAT declaration.
Smart Solutions for Business Limited Company or S4B is well known accounting agency in Vietnam providing professional performance regarding tax and payroll services.
It has been established since 2007 and developed during the times, concentrating its services on newly founded foreign based enterprises. Having said that, S4B builds itself as a trustworthy place for the clients to come and seek their most compliance services.
It has enough high experienced and outstanding consultants in multiple fields and sectors who can assist the clients to find their best solutions out of taxing functions. Along with Business License Tax, Personal Income Tax, Foreign Contractor Withholding Tax, Corporate Income Tax, VAT is exclusively provided by S4B.
The consultants are experienced enough to master the time and accuracy of those unbearable numbers and information of goods, sales, purchases, tax rates, etc. They are also equipped with professional software that can process the statistics as fast and efficient as possible.
S4B is confident to bring only high quality performance to the clients with the optimal solutions to simplify the VAT process, fill the declaration, avoid extra charges, ensure exemptions and refunds, etc.