What is accounting?
Accounting is the process of analyzing financial data. Without accounting, it would be impossible for a business to grow. Accounting involves sorting, retrieving, summarizing and presenting the company’s financial data through internal and external reports to the business’ owners, shareholders or even the public.
How to proceed?
We collect all necessary documents and information to record the transactions in our accounting software. All data remain available at all time for our Clients.
Our team will monitor the company’s transactions on a daily basis to ensure compliance with the Vietnamese Accounting Standards and regulations to provide you with comprehensive and accurate financial information.
Personal Income Tax (“PIT”) is the tax which applies to the residents earning taxable income within and outside Vietnam’s territory and to non-residents who earn taxable income within Vietnam’s territory.
Tax regulations provide for many kinds of tax-exempt income, for example:
Reductions: Taxpayers who face difficulties caused by natural disasters, fire, accidents or severe diseases which affect their tax paying ability may be considered for tax reduction corresponding to the extent of damage they suffer from but not exceeding payable tax amounts.
There are several personal income tax rates which depend on the kinds of personal income such as:
The following investment sectors benefit from tax incentives:
There are process export zones with tax reductions such as:
VAT stands for “Value-Added Tax” and is imposed on the added value of goods or services arising in the process of production, circulation and consumption.
The general VAT rate is 10%. Other rates such as 0% or 5% can be applied depending on each specific product or service.
Yes. However, within 12 months after establishment, the company is entitled to appoint any employee to work as an accountant, after which the company is required to have a Chief Accountant or use accounting services from the accounting services companies, this content does not apply to micro-companies.
At this time, Vietnamese law does not allow companies to apply a system of foreign accounting standards during their operations in Vietnam. Companies operating in Vietnam must comply with the Vietnamese accounting standards.
Yes. The company is allowed to use 01 foreign currency as a monetary unit to record in the accounting books in case the enterprise has to collect and spend mainly in foreign currencies and satisfies the conditions of the law on revenues and expenditures in foreign currencies.
Yes, it is mandatory. Accordingly, accounting vouchers written in foreign languages, when used for recording accounting books, shall be translated into Vietnamese. For documents attached to accounting vouchers such as contracts, payment documents, investment project dossiers, etc., are not required to be translated into Vietnamese, except at the request of competent state agencies.
The company is allowed to purchase or design accounting forms and print its accounting documents, but must ensure that these documents fully meet the compulsory criteria prescribed by law for each specific document.