The tax regulations in Vietnam have changed continuously in recent years. Therefore, there is a lot of potential tax risks associated with an enterprise’s business operation. As a result of in-depth experience dealing with business regulations and having a thorough knowledge of accounting and tax laws, we know that with good preparation in-advance these possible risks can be mitigated.
Grant Thornton Vietnam will tailor our professional Tax Health Check services to assist our Clients in mitigating the above-associated tax risks. The outcome of the Tax Health Check services will comprise of:
- Indicating and Quantifying possible, risks and hidden tax exposures;
- Providing recommendations to mitigate the tax risks; and
- Forming a good picture towards the tax authority with respect to the Clients' tax compliance status.
Approaches and services:
Your business: Provisional and year-end tax declarations in compliance with tax laws.
Service 1: Tax health checkGrant Thornton’s solution:
- Conduct fieldwork to review documentation;
- Identify the potential tax risks and recommendations.
Timeline: 1-3 weeks.
Deliverable: Report tax exposures, findings, and recommendations.
Your business: Avoidance of possible tax risks due to lack of legitimate and sufficient supporting documents
Service 2: Document implementation
Grant Thornton’s solutions:
- Guide the documentation;
- Assist in preparing template/ develop templates for documentation purposes;
- Review the final documentation.
Timeline: 1-2 weeks.
Deliverable:
- Templates
- Verbal advisory
- Recommendations in the document
Your business: Avoidance of penalties upon audit by tax authority
Service 3: Tax audit assistance
Grant Thornton’s solutions:
- Send team to attend tax audit;
- Assist in explanation of issues with supportive arguments to seek a favorable tax treatment.
Timeline: 1-2 weeks.
Deliverable:
- Suggest input for tax audit working minutes and final minutes;
- Report the tax audit progress.
Your business: Appeal for unfavorable treatments
Service 4: Tax petition
Grant Thornton’s solutions:
- Draft/submit petition letter to make a defense toward the clients’ tax position;
- Follow-up to have meetings with the tax authority.
Timeline: 3-8 weeks.
Deliverable: Obtain the official response from the tax authority.
