In reality, many businesses face difficulties when they have to carry out their first tax declaration, especially for newly established companies that lack experience in professional accounting. KIM BAY GROUP’s initial tax declaration service has emerged as a solution to help businesses address this issue while also offering cost-saving benefits. So, should you use an initial tax declaration service? Which reputable company offers initial tax declaration services in Ho Chi Minh City? The following article by KIM BAY GROUP will clarify these questions, helping you make the right decision in choosing a trusted and quality service to set up initial tax declaration records for your business or company.
- What is Initial Tax Declaration?
- The initial tax registration process, also known as initial tax declaration, is an important procedure that businesses must carry out immediately after their establishment. This is not only a crucial step to set up standards and principles for the accounting system but also ensures compliance with tax regulations throughout the operation of the business.
The most recent set of documents required for initial tax declaration includes:
- Decision on the appointment of the director
- Decision on the appointment of the chief accountant
- Form for registering the depreciation method for fixed assets
- Tax declaration form for accounting method and invoicing
- Business registration certificate (copy)
- ID card/Passport of the legal representative (copy)
- Business information exchange registration form
- Power of attorney (if authorizing an individual to submit the documents)
Note: Businesses need to prepare two sets of initial tax declaration documents: one for the tax authority to keep and one for the business to retain after the tax authority stamps and confirms receipt of the complete documents.
- Initial Tax Declaration Service at KIM BAY GROUP This service not only facilitates the smooth start of business operations but also minimizes the risks associated with tax issues. Below are the tasks included in KIM BAY GROUP’s initial tax declaration service:
- Prepare the decision to appoint the chief accountant: Assist in ordering digital signatures and registering for e-tax filing to facilitate electronic tax submission.
- File the business license fee declaration: Carry out the business license fee declaration to ensure compliance with the relevant tax regulations.
- Register for electronic tax filing: Help businesses register and file taxes electronically, reducing paperwork and time.
- Electronic invoice issuance notification procedure: Assist businesses in completing the electronic invoice issuance notification, ensuring compliance.
- Prepare and submit the fixed asset depreciation method registration: Help businesses register the depreciation method for fixed assets, ensuring transparency and compliance.
- Open a bank account and notify the use of the bank account: Assist businesses in opening a bank account and notifying the Department of Planning and Investment about the use of the account.
- Company signboard and title stamps: Support businesses in creating company signboards, title stamps, and related procedures to ensure professionalism and legal completeness.
- Quarterly/monthly tax filing, bookkeeping, and insurance: Perform quarterly tax filing.
- Which Businesses Need to Declare Taxes Initially? The requirement for initial tax declaration depends on the type and scale of the business operation. Since each business type has its own characteristics, understanding this issue requires further exploration, which we will discuss below.Businesses that need to declare taxes include:
- Newly established businesses starting production and business activities: These businesses need to file VAT returns quarterly to ensure compliance with regulations and maintain smooth operations.
- Service and goods trading businesses: Businesses with total revenue from services and goods sales from the previous year of less than or equal to 50 billion VND should declare taxes quarterly.
- Businesses with total revenue exceeding 50 billion VND: For businesses with total revenue exceeding 50 billion VND from the previous year, VAT declaration on a monthly basis is mandatory to ensure transparency and full compliance with tax regulations.
- Procedure for Initial Tax Declaration Once all the required documents are gathered, businesses can submit the documents to the Tax Department of the district or city where the main office is located. In case the business is within the jurisdiction of the Provincial Tax Department, the documents will be submitted there.To identify the relevant tax authority, businesses can check online via the General Department of Taxation’s website at: http://tracuunnt.gdt.gov.vn/tcnnt/mstdn.jsp.The process for handling documents at the Tax Department depends on local regulations. Depending on the district, documents may be processed the same day or within 2-3 working days after submission.The General Department of Taxation and local tax authorities have integrated various online services to support businesses in tracking and managing their document status, optimizing the tax filing process and reducing processing time.
- Tax Filing Deadlines In the increasingly complex field of tax management, understanding the tax filing deadlines is crucial for businesses to maintain compliance and avoid penalties. Let’s explore the deadlines for submitting tax reports and their importance for business operations.Businesses must submit the following tax reports:
- VAT (Value Added Tax)
- Personal Income Tax (PIT)
- Corporate Income Tax (CIT)
- Report on the use of invoices
Tax report deadlines:
- Monthly tax reports: No later than the 20th of the following month.
- Quarterly tax reports: No later than the 30th of the first month of the following quarter.
- Annual tax reports: No later than January 30th of the following year.
- Tax declaration for arising transactions: No later than 10 days from the transaction date.
- Year-end tax settlement: No later than 90 days from the end of the fiscal year.
- Frequently Asked Questions About Initial Tax DeclarationHow much does KIM BAY GROUP’s initial tax declaration service cost in Ho Chi Minh City?
- KIM BAY GROUP’s initial tax declaration service costs only 500,000 VND. However, if you choose the complete accounting package from AZTAX, the initial tax declaration is completely free. Additionally, we provide free digital signature registration and invoice printing services. Please call us for more details.
What is the deadline for submitting the initial tax declaration documents?
- If the company has a business license but has not yet started operations, the deadline for submitting the initial tax declaration documents is 30 days from the date specified on the license. However, we recommend completing the procedures and initial tax declaration forms as soon as possible to ensure accuracy and compliance with regulations.