Initial tax registration
Doing business in a host country and earning income would revolve with taxation, and it is absolutely similar for all enterprise operating theirs business in Vietnam. Initial tax registration with the tax administrative department is treated as sending “greetings” from new-born company to the competent authority.
The initial tax registration involves with:
- Accounting method and accounting policy applicable in the company
- Depreciation method for fixed assets adopting during the operation
- Liaise with the vendor to purchase e-tax token for tax declaration and tax settlement via online tax portal
E-tax token, comes under the form of an USB, and is considered as e-signature of the Company. Whenever submitting tax declaration / tax returns, e-token will be used for e-signing on the form prior lodging all document to tax online portal. E-tax settlement, on the otherhand, will involve with bank account as abovementioned.
Upon register e-tax payment with the bank where the Company opens bank current account, bank account will be automatically linked directly to State Budget. Using e-token for signing on e-tax payment voucher, then money will be remitted directly from the bank account to the State budget for tax settlement.