Tax Reporting Services

What is Tax Reporting?

• Tax reporting is the process of declaring input and output VAT invoices related to the transaction of goods and services. It is not just a record of figures, but an important aspect of tax management, serving as a critical bridge between the tax authority and businesses.
• Tax reporting plays a vital role in providing insights into a company’s current operations. Through tax reports, tax authorities can obtain detailed information about tax transactions, ensuring accuracy and transparency in the tax submission process.
• The deadline for submitting tax reports is a critical factor that businesses must adhere to. The information in the report needs to be detailed and accurate, and pre-submission checks are crucial to avoid errors that could lead to legal issues or penalties.
• In conclusion, tax reporting is not only a legal responsibility but also an important management tool that helps businesses maintain good relationships with tax authorities while ensuring strict compliance with tax regulations.

2. KIM BAY GROUP’s Complete Tax Reporting Service

• Our complete tax reporting service is a comprehensive solution designed to help businesses save time and effort in tax management. We ensure a professional service package, from collecting information, processing data, to preparing the necessary tax documents in compliance with tax authorities’ regulations.
• With a team of experienced accounting experts, we are committed to supporting businesses in ensuring accuracy and legal compliance. KIM BAY GROUP’s tax reporting service in Ho Chi Minh City allows businesses to focus on growth without worrying about tax-related issues.

3. Documents Required for Tax Reporting Services by KIM BAY GROUP

Providing complete and accurate documents for KIM BAY GROUP to perform tax reporting is crucial. Clients only need to provide the following documents, and KIM BAY GROUP will handle all tasks related to tax reporting on their behalf:

• Input and output VAT invoices: Capture detailed information about value-added tax from transactions of buying goods and services.
• Documents related to the company’s business operations: Ensure that documents such as delivery receipts, sales invoices, and other relevant materials related to production and business operations are provided.
• Login information for the e-tax portal: Provide accurate login credentials so we can access the e-tax portal to perform necessary steps.
• Digital signature device (electronic token): Ensure the digital signature device is activated and ready for use when submitting reports and tax declarations.

4. What Does the Tax Reporting Service Include?

Our tax reporting service at KIM BAY GROUP covers all the important tasks, including:

• Classifying and verifying original documents:
  • Collecting and delivering invoices and documents to a convenient location.
  • Consulting on the proper usage and storage of input-output invoices/documents.
  • Verifying the validity of invoices and documents.
  • Balancing value-added tax (input-output).
  • Handling special cases such as missing or invalid documents and supplementing other necessary documents to ensure compliance.
• Updating data into accounting software:
  • Completing accounting books with information such as receipts, payment vouchers, stock entries and exits, cash books, bank account books, and inventory reports.
  • Preparing forms according to regulations like asset depreciation schedules and labor-related tables.
• Quarterly tax reporting:
  • Preparing and submitting quarterly tax reports such as VAT, personal income tax (PIT), invoice usage reports, and estimated corporate income tax (CIT).
• Annual tax reporting:
  • Preparing and submitting annual reports such as financial statements, CIT tax settlement reports, and PIT tax settlement reports.
  • Financial reports including the balance sheet, cash flow statement, and profit and loss statements.
  • Submitting required forms to the Statistics Department annually.

5. Who Should Use Tax Reporting Services?

• Newly established businesses or those beginning operations.
• Businesses with total sales and service revenue under 50 billion VND in the previous year (12 months).

6. Why Choose KIM BAY GROUP for Tax Reporting Services?

KIM BAY GROUP’s complete tax reporting service is the top choice for many small and medium-sized businesses, explained by the following 5 reasons:

• Cost savings on salaries
• Optimizing tax costs
• Accuracy, clarity, and transparency
• Safety and absolute confidentiality
• Commitment to responsibility

7. Tax Reporting 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 next quarter.
• Annual tax reports: No later than the 30th of January of the following year.
• Tax declarations based on specific events: No later than 10 days from the occurrence date.
• Annual tax finalization: No later than 90 days after the end of the fiscal year.

In cases of mergers, acquisitions, ownership changes, or business closure, the tax report must be submitted within 45 days from the date of the official decision, ensuring timely and accurate tax management.

Frequently Asked Questions about KIM BAY GROUP’s Tax Reporting Services

• Does the quarterly tax reporting service at KIM BAY GROUP include year-end financial reporting? When choosing KIM BAY GROUP’s tax reporting services for year-end reports or complete tax and accounting services, businesses not only receive support for quarterly tax reports but also for year-end financial reporting. We ensure the timely completion and submission of both quarterly and annual tax reports, allowing businesses to manage their tax and accounting processes efficiently and focus on business development.
• If there is an error, will KIM BAY GROUP take responsibility for the report’s data? KIM BAY GROUP takes full responsibility for the data handled by our accounting staff. We are committed to compensating any damages arising from errors and are prepared to explain all information submitted to tax authorities on behalf of our clients. We prioritize reputation and responsibility to ensure the trust and satisfaction of our customers.