Comprehensive tax reporting is a key solution for businesses to maintain financial transparency and comply with the law. With the General Department of Taxation accelerating digitalization through the electronic invoice system, any declaration errors are easily detected. Decree 125/2020/ND-CP, Violations related to invoices and tax procedures can result in very heavy administrative penalties.
Data from the Ministry of Finance indicates that over 851 SMEs are facing difficulties in updating to new regulations such as... Circular 80/2021/TT-BTC. Using a comprehensive tax reporting service helps businesses save up to 70% in personnel costs and ensures system security. This is an optimal path that allows business owners to focus on their core business with peace of mind. Let's explore the regulations and benefits in detail below.
Comprehensive tax reporting and current legal framework.
To understand why comprehensive tax reporting services are becoming a trend, businesses need to grasp the core legal basis. Vietnam's tax law system is complex and constantly changing, requiring those responsible to have in-depth expertise. Without timely updates, businesses risk facing back taxes or late payment penalties.
Currently, tax accounting activities are governed by the Accounting Law 2015, the Tax Administration Law 2019, and specific tax regulations. Providing comprehensive tax reporting services ensures that all declarations match the original documents. This minimizes errors during periodic inspections and audits by relevant authorities.
Below is a summary of the most important legal documents that a full-service tax reporting service must comply with:
| STT | Legal documents | Content adjustments focus |
| 1 | Tax Administration Law No. 38/2019/QH14 | Regulations on registration, declaration, payment, and assessment of taxes. |
| 2 | Circular 80/2021/TT-BTC | Detailed guidelines for the implementation of the Law on Tax Administration. |
| 3 | Decree 123/2020/ND-CP | Regulations on electronic invoices and documents |
| 4 | Circular 78/2021/TT-BTC | Instructions for implementing electronic invoices |
| 5 | Decree 125/2020/ND-CP | Regulations on administrative penalties for violations related to taxes and invoices. |
The importance of risk control in comprehensive tax reporting.
Risk control is a core value of our comprehensive tax reporting service. This includes reviewing non-cash payment documents for invoices exceeding 20 million VND. Without careful control, these expenses will be disallowed during the calculation process. corporate income tax, causing significant damage to businesses.
Without proper oversight in the comprehensive tax reporting process, the risk of back taxes is very high. Small errors accumulated over the years can become a huge tax liability at final settlement. Therefore, carefully selecting a partner from the outset is a smart investment for safety.
| Risk category | Content of the test | Impact if errors occur |
| Invoices from a runaway business. | Check the service provider's operational status. | Collection of back taxes on VAT and corporate income tax. |
| Production quota | Compare actual losses with standard losses. | Type of material cost exceeding the allocated budget. |
| Salary costs | Personnel records, social insurance, payroll documents | Exclude salary expenses from corporate income tax. |
| Related party transactions | Identify the relationship between the parties. | Fixed transaction prices, increased taxes payable. |
Detailed information on the comprehensive tax reporting service.
Procedure tax reporting A comprehensive, standardized package is not simply about basic data entry into software. It encompasses a chain of control activities from document receipt to declaration submission and data explanation. Every step must be carefully calculated to optimize benefits for the business.
The service begins with classifying and verifying the validity of input and output invoices. According to Article 4 of Circular 96/2015/TT-BTC, deductible expenses must have complete and legally valid invoices and supporting documents. Our comprehensive tax reporting specialists will carefully review and eliminate ineligible documents, avoiding the risk of expenses being disallowed later.
Filing monthly/quarterly Value Added Tax (VAT) returns.
In our comprehensive tax reporting package, VAT declaration This is the most important and urgent periodic task. Depending on the revenue of the preceding year (above or below 50 billion VND), businesses can file declarations monthly or quarterly. Specific regulations regarding the deadline for submission are clearly stated in Article 9 of Decree 126/2020/ND-CP.
Accountants performing comprehensive tax reporting will prepare either Form 01/GTGT or Form 04/GTGT, depending on the method applied. Reconciliation between the tax return form and the General Department of Taxation's electronic invoice system is mandatory. This step helps to detect early invoices from businesses that have abandoned their business address or invoices that have been improperly canceled.
Personal Income Tax and Social Insurance
The responsibilities in a comprehensive tax reporting package also include calculations. personal income tax Accurate for workers. Based on the latest proposed adjustments and regulations, personal allowance Currently, the threshold for the taxpayer themselves has been raised to 15.5 million VND. Accountants need to be familiar with this figure to calculate the monthly tax deduction correctly according to regulations.
A full-service tax reporting specialist will monitor employee lists and employment contracts to ensure proper insurance contributions are paid. This is especially important when performing this task. personal income tax settlement At the end of the fiscal year, miscalculation of the deduction amount can lead to complaints from employees or penalties from the tax authorities due to data errors.
Provisional Corporate Income Tax (CIT) calculation
Although quarterly tax returns are no longer required, in a comprehensive tax reporting service, accountants still need to balance profits and losses. Article 1 of Decree 91/2022/ND-CP stipulates that the provisional tax payments for four quarters must not be less than the amount payable according to the annual tax settlement. If underpaid, businesses will have to pay very high late payment penalties.
Therefore, comprehensive tax reporting requires keen insight into forecasting periodic business results. Professionals will advise business owners on the most appropriate tax payment levels to ensure cash flow. This proactive approach helps businesses avoid unnecessary penalties due to underpayments compared to actual expenses.
Comparison between in-house accounting and full-service tax reporting.
Many businesses are torn between hiring a dedicated accountant or using a comprehensive tax reporting service. Below is a cost-benefit analysis based on market trends.
| Criteria | Internal accounting | Comprehensive tax reporting service (Professional) |
| Salary costs | 8,000,000 – 12,000,000 VND | 1,000,000 – 5,000,000 VND |
| Infrastructure costs | Seating, computers, software | Included in the service fee. |
| Stability | High employee turnover rate | Commitment to long-term partnership |
| Legal liability | The business bears all the responsibility. | There is a commitment to compensate for errors. |
| Professional qualifications | Usually only good at one area. | A team of multidisciplinary experts |
Clearly, a comprehensive tax reporting solution offers significant financial advantages and peace of mind. Businesses can focus their resources on their core business activities.
A 6-step process for professional, comprehensive tax reporting.
At reputable agencies, comprehensive tax reporting is carried out through a closed-loop process to control errors. Strict adherence to the steps ensures that data is always ready for explanation. Business owners can transparently track the progress of the work through regular reports.
Collect and verify documents.
Periodically, the department responsible for comprehensive tax reporting will receive invoices and supporting documents from businesses. Specialists will verify their legality: company information, tax identification number, unit price, and digital signature. Invoices showing signs of errors will be immediately corrected to protect tax interests.
Data entry and business classification
The data is entered into specialized accounting software for systematic management. Transactions in the comprehensive tax report are clearly categorized according to Circular 200 or Circular 133. Correct account entry is the foundation for accurate and transparent financial reporting.
Revenue-Expense Balance
This is a crucial step in the comprehensive tax reporting process. Accountants will review profit margins and administrative expenses against industry specifics. If any anomalies are detected, the specialist will advise the business to make timely adjustments to avoid attracting the attention of the tax authorities.
Prepare and submit tax returns.
All types of taxes, such as VAT, personal income tax, and corporate income tax, will be exported in XML format for submission via Thuedientu. Our tax reporting specialists will directly handle the submission process and monitor the results. After successful submission, a confirmation notification from the General Department of Taxation will be immediately sent to the client for safekeeping.
Complete the accounting records.
After submitting the report, the comprehensive tax reporting service includes printing and archiving the general ledger, subsidiary ledgers, and receipts and disbursements. This ensures that the business always has complete documentation in case of a surprise audit. A well-organized system of records will facilitate a quick and efficient explanation process.
Year-end tax settlement
The final step in the comprehensive tax reporting cycle is preparing the Financial Statements and Annual Tax Return. This is the most important set of documents, reflecting the company's financial health and final tax obligations. The results accurately reflect the business performance of the company throughout the past fiscal year.
See more detailed pricing information at: Price list for comprehensive tax reporting services
Common mistakes when not using the comprehensive tax reporting service correctly.
Attempting to prepare tax returns yourself or hiring inexperienced individuals for a complete tax reporting package often leads to serious consequences. Tax errors not only cause financial losses but also damage a company's reputation in the market. Many businesses have been placed on high-risk lists due to avoidable violations.
The most common mistake is failing to declare output invoices or deducting invoices from "phantom" businesses. When using a reputable full-service tax reporting service, you will be alerted about the partner's status on the invoice. This protects businesses from risks associated with illegal invoice trading.
Errors regarding the report submission deadline.
According to Article 44 of the Tax Administration Law, late filing of tax returns exceeding 90 days can result in a fine of up to 25 million VND. Our comprehensive tax reporting service will establish an automatic reminder system for each type of report. A commitment to timely filing helps businesses avoid administrative penalties that waste public funds.
Errors in applying tax rates
Tax policies are constantly changing, a prime example being the reduction of VAT to 8% under Decree 94/2023/ND-CP. If those providing comprehensive tax reporting services fail to keep up-to-date, businesses may overpay or underpay taxes. Both scenarios cause significant problems in accounting and subsequent tax settlement.
Why is a comprehensive tax reporting service necessary for FDI businesses?
Foreign direct investment (FDI) enterprises in Vietnam are subject to close scrutiny regarding capital flows and transfer pricing transactions. Providing comprehensive tax reporting services for these entities requires a deep understanding of double taxation avoidance agreements. Regulations on related-party transactions under Decree 132/2020/ND-CP also need to be strictly adhered to.
Financial statements included in the comprehensive tax reporting package for FDI enterprises are typically subject to independent audit before submission. Having a team of experts knowledgeable in both Vietnamese Accounting Standards (VAS) and International Financial Reporting Standards (IFRS) is a significant advantage. This helps FDI enterprises operate smoothly and comply strictly with local laws.
Technology trends in comprehensive tax reporting services.
AI technology is completely changing the way comprehensive tax reporting is done today. Automated data retrieval from the General Department of Taxation's website eliminates manual data entry errors and speeds up processing. Businesses will receive reports faster and more accurately than ever before.
It is advisable to prioritize providers offering comprehensive tax reporting packages that utilize cloud computing technology. This allows business owners to access tax payment data directly on their mobile phones at any time. Data transparency helps managers make accurate and timely business decisions.
How to choose a reputable provider of comprehensive tax reporting services.
To assess the competence of a full-service tax reporting provider, check their professional license. This certificate, issued by the General Department of Taxation, confirms the legal status and professional qualifications of the service company. Don't hesitate to request to see their profile before signing any agreement.
A good full-service tax reporting firm will proactively advise on potential risks instead of simply following instructions. They act as an internal control system, helping businesses develop sustainably on a legal foundation. Professionalism is demonstrated through their service attitude and the quality of their reports.
Conclude
Comprehensive tax reporting is not just an administrative procedure, but also a strategic risk management tool. Accurately fulfilling tax obligations helps businesses build credibility with regulatory authorities and financial partners. A deep understanding of the law combined with practical experience is key to protecting sustainable business achievements. Investing in quality services is the best way to safeguard business assets.
At MAN – Master Accountant Network, we offer comprehensive solutions that exceed expectations for a typical full-service tax reporting service. With a team of highly experienced professionals, MAN is proud to be a strategic partner providing world-class services:
- Auditing services: Ensure the accuracy and fairness of financial reporting in accordance with the highest professional standards.
- Tax accounting – Tax consulting services: Stay up-to-date with the latest legal changes to optimize your legal tax payments.
- Tax settlement: Business representatives explain and protect the company's interests to the fullest extent before state authorities.
- Tax reporting: Ensuring absolute accuracy, timeliness, and transparency in all financial transactions.
Let MAN be your trusted partner, helping you overcome all obstacles in complex financial procedures. We are committed to helping you focus entirely on achieving breakthrough growth and expanding your market reach. Contact MAN today to receive expert support from Vietnam's leading network of accounting professionals.
Service contact information at MAN – Master Accountant Network
- Address: No. 19A, Street 43, Tan Thuan Ward, Ho Chi Minh City
- Mobile/Zalo: 0903 963 163 – 0903 428 622
- Email: man@man.net.vn
Content production by: Mr. Le Hoang Tuyen – Founder & CEO MAN – Master Accountant Network, Vietnamese CPA Auditor with over 30 years of experience in Accounting, Auditing and Financial Consulting.
Frequently Asked Questions about Full-Service Tax Reporting
Yes. Even if no invoices have been generated, businesses must still submit blank tax returns by the deadline. A comprehensive tax reporting service helps maintain compliance status at the most optimal cost during the challenging startup phase.
Reputable providers of comprehensive tax reporting services always commit to confidentiality through clear economic contracts. All financial data and business secrets are strictly protected. Clients can rest assured about the privacy of their data.
Typically, the fee for a comprehensive tax reporting package depends on the number of invoices generated monthly and the business sector. Industries such as construction or manufacturing usually have higher fees than trading due to the complexity of cost accounting. Do new businesses that haven't generated any revenue need to file a comprehensive tax return?
How is information security ensured when using external services?
What criteria are used to calculate the cost of a comprehensive tax reporting service?
