Service of corporate income tax finalization

Finalization of corporate income tax is a task that every business must perform at the end of the fiscal year. To ensure complete records when finalizing corporate income tax, avoid errors, and ensure the interests of businesses when finalizing taxes, TASCO tax agents provide CORPORATE INCOME TAX SETTLEMENT service. This is a comprehensive solution for your business, supporting your business during the tax finalization season.

According to the provisions of the 2005 Enterprise Law, the 2014 Enterprise Law, the Investment Law and the Enterprise Income Tax Law 14/2008/QH12, the Amended Enterprise Law 32/2013/QH13 and other legal documents.

So what is corporate income tax finalization? How long does it take to finalize income tax?

Tax finalization is a mandatory task in order to fulfill tax obligations to the State. Normally, after each period (usually 5 years) the tax authority will make a decision to inspect or examine or due to a change in the internal organizational structure. According to the Law on Tax Administration No. 38/2019/QH14: No later than the last day of the 3rd month from the end of the calendar year or fiscal year for the annual tax finalization dossier.

According to the Law on Tax Administration No. 38/2019/QH14: No later than the last day of the 3rd month from the end of the calendar year or fiscal year for the annual tax finalization dossier.

WHAT ARE DIFFICULITIES COMPANY HAS BEEN FOUNDED WHEN PAYING TAXES?

Tax settlement is an extremely complicated job, requiring accountants to have a lot of experience in settlement. At the same time, you must understand the books and data of the business. When the tax office comes to work, all the backlogs of corporate accounting are clearly seen in a number of points such as:

🔻 Failing to check the rationality, validity and legality of invoices, leading to incorrect and incorrect accounting.

🔻 Not having enough accounting books or having them but not complying with regulations of tax authorities. Books and reports are made without regard to the actual documents of the enterprise.

🔻 Accounting personnel often change. The new accountant after going to work also does not have a close and complete handover with the old accountant.

🔻 Accounting data is not consistent, there is no logic between the entries and the tax reports and financial statements paid.

The final settlement of corporate income tax should note the following points:

Revenue: The revenue used to calculate taxable income is the entire proceeds from the sale of goods, processing fees, and service provision fees. Including price subsidies, surcharges and extras that businesses are entitled to. Regardless of whether the money has been received or not.

Other incomes: other incomes are entitlements that have nothing to do with the turnover of production and business activities (not in the field of business lines stated in the business registration), For example: income from asset liquidation, income from sales promotions and discounts; interest income from deposits, interest on loans...

Deductible expenses: Deducted reasonable expenses are necessary expenses in the production and business process of the enterprise such as: depreciation of fixed assets, cost of purchasing raw materials, salary costs , pay allowances ... and have enough legal invoices and documents.

Non-deductible expenses: are expenses not related to production and business activities, without sufficient legal invoices and documents. Non-deductible expenses are specified in Article 6 of Circular 78/2014/TT-BTC (amended and supplemented by Article 4 of Circular 96/2015/TT-BTC of the Ministry of Finance).

Tax-free income: Incomes exempt from CIT include 12 incomes exempt from corporate income tax as detailed in Circular 78/2014/TT-BTC and Circular 96/2015/TT-BTC of The latest Ministry of Finance today.

FULL TAX SETTLEMENT SERVICES AT TASCO

In order to solve the difficulties and problems of enterprises, TASCO company provides you with "Complete tax finalization service". This is the ultimate solution for every business.

With a team of experienced professionals, we have solved many problems for businesses. Helping businesses reduce worries when explaining to tax authorities. We will perform all the work on tax finalization for businesses, bringing the most practical efficiency for businesses.

Service of corporate income tax finalization at Tasco will make all kinds of declarations and reports on behalf of enterprises:

Annual corporate income tax finalization declaration

Annual personal income tax finalization declaration

Annual financial statements, including: financial position statement, income statement, cash flow statement, notes to financial statements, balance sheet

The declaration of related transactions and other documents related to tax finalization.

Why should you choose tax settlement service at TASCO?

Performed by a team of highly qualified and experienced staff. With more than 15 years of experience in tax and accounting, has a practicing certificate in tax services.

Customer information is guaranteed to be confidential.

Professional, transparent and clear working process.

Complete the work according to the commitment with the customer.

Complete the work according to the commitment with the customer.

   TASCO is proud to provide services with the motto "Dedication - Responsibility - Professionalism" committed to helping your business pass a favorable tax settlement period at the most reasonable cost.

Frequently asked questions:

1. When do I need to submit income tax finalization?

According to the provisions of Clause 3, Article 43 of the Law on Tax Administration No. 38/2019, it is stipulated that:

A tax declaration dossier for a tax with an annual tax period includes:

a) The annual tax declaration file includes the annual tax return and other documents related to the determination of the payable tax amount;

b) A tax finalization declaration dossier at the end of the year includes the annual tax finalization declaration, annual financial statement, and related-party transaction declaration; other documents related to tax finalization.

2. Does an inactive company have to pay income tax finalization?

Some businesses think that if the company has not been put into operation or has not arisen, it is not necessary to submit tax finalization documents, which leads to businesses being fined for late submission of finalization declarations up to tens of millions of dong. For businesses, they are allowed to pay tax according to the declaration method, which means that they declare and pay taxes themselves according to business results, so if the business does not submit a tax finalization declaration, the tax authority does not know whether the business has incurred or not. are not. Therefore, if the business does not arise or has not yet operated, it still has to submit a tax finalization declaration according to the provisions of tax administration law 38/2019.
 
3. Is there any penalty for not submitting tax finalization documents?
 
According to the provisions of Article 13 of Decree 125/2020 on sanctioning of administrative violations on taxes and invoices, the following provisions are made:
 
Article 13. Penalties for violations of the deadline for submitting tax declarations
 
1. A warning will be imposed for the act of submitting tax declaration dossiers beyond the deadline from 01 day to 05 days and there are extenuating circumstances.
 
2. A fine ranging from VND 2,000,000 to VND 5,000,000 shall be imposed for submitting tax declaration dossiers beyond the deadline from 01 day to 30 days, except for the case specified in Clause 1 of this Article.
 
3. A fine ranging from VND 5,000,000 to VND 8,000,000 shall be imposed for submitting tax declaration dossiers beyond the prescribed time limit from 31 days to 60 days.
 
4. A fine of between VND 8,000,000 and 15,000,000 shall be imposed for one of the following acts:
 
a) Submitting tax declaration dossiers beyond the prescribed time limit from 61 days to 90 days;
b) Submitting tax return by 91 days or more but no tax payable;
c) Failing to submit tax declaration dossiers but not generating payable tax amounts;

d) Failing to submit the appendices according to regulations on tax administration for enterprises having associated transactions together with the enterprise income tax finalization dossiers.

 

5. A fine ranging from VND 15,000,000 to VND 25,000,000 shall be imposed for submitting tax declaration dossiers more than 90 days after the deadline for submitting tax declaration dossiers, generating tax payable and taxpayers. the tax has paid the full amount of tax and late payment interest to the state budget before the time the tax agency announces the decision on tax inspection or tax inspection or before the time the tax authority makes a record on the act of late filing. declare tax according to the provisions of Clause 11 Article 143 of the Law on Tax Administration.
 
In case the fine amount, if applied under this Clause, is larger than the tax amount incurred on the tax return, the maximum fine amount in this case is equal to the incurred tax payable on the tax return, but not less. than the average of the fine bracket specified in Clause 4 of this Article.
 
6. Remedial measures:
 
a) Forcible payment of the late tax payment amount into the state budget, for violations specified in Clauses 1, 2, 3, 4 and 5 of this Article in case taxpayers are late in submitting tax declaration dossiers. leads to late payment of tax;
 
b) Enforced submission of tax declaration dossiers and appendices enclosed with tax declaration dossiers, for the acts specified at Points c and d, Clause 4 of this Article.

See more:

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TASCO is always ready to give you a free consultation 24/7. Contact TASCO immediately to enjoy the best service from us.


TASCO - THE HIGHEST RESPONSIBLE TAX AGENT OF EVERY SERVICE

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