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LESEvery year, every business has to think about how to optimize the cost of tax declaration. This is a huge dilemma and difficult to solve if you have not found the right solution to help you with the above tasks. Here is a summary of how to declare taxes that will hopefully make your job easier. 

As everyone knows, tax declaration is a profession that many accountants of businesses have to do. To make this work more effective, business owners and managers themselves should have a preliminary grasp of tax declaration tasks to easily check and monitor employees and ensure work progress.

1. What is tax optimization?

You can understand that tax optimization is not a way to help businesses reduce the amount of tax payable, but sometimes, the amount of tax can increase, but it must ensure that the profit as well as the income of the company remain positive. Distinguishing the above definition will help you optimize taxes and maximize the company’s profits, avoid tax evasion situations, or avoid risky tax situations that many businesses have encountered. have been in trouble with the law lately.

2. What types of annual tax declarations are included?

The taxes that businesses declare annually are listed below:

– Value added tax (VAT),

– License tax,

– Personal income tax (PIT),

– Corporate income tax (CIT), and more

VAT declaration:

For those who are newly established enterprises and have just started their production and business activities, they shall declare VAT on a quarterly basis.

For businesses with total revenue of the preceding year greater than VND 50 billion, they will have to declare value-added tax on a monthly basis.

How to determine revenue:

The total revenue on the VAT declarations of the tax periods in the year is the revenue from selling goods and services of the enterprise. Sales of goods and services, including revenue of affiliated units, if the taxpayer declares tax at the head office for the affiliated unit.

VAT declaration cycle:

The implementation of monthly or quarterly tax declaration is stable on a 3-year cycle.

Deadline for monthly and quarterly VAT payment:

The time limit for quarterly tax declaration must not exceed the 30th day of the quarter following the tax quarter. Monthly tax declaration is valid within 20 days of the month following the tax month.

Assessing a quarterly tax return in a stable cycle:

If the revenue of the preceding year is over VND 50 billion, the enterprise is not eligible to declare VAT on a quarterly basis of that stable cycle.

3. What are some issues to know if you want to optimize tax costs for your business?

To optimize the amount of tax payable, businesses need to pay attention to the following issues:

– It is necessary to understand the taxable subjects of the business, as well as distinguish taxable and non-taxable subjects. Each enterprise needs to understand the contents and scope of taxable tax so that they can take appropriate measures to organize the accounting work and create good conditions for tax calculation later.

– Apply and concretize relevant contents of the document and methods of determining the amount of tax payable to their business conditions, production organization and accounting conditions.

– Enterprises need to create conditions and improve the qualifications of accounting staff.

– Any problems arising about tax policies and regimes should be consulted and answered by the tax authorities.

– The procedures and deadlines for tax payment of each type need to be understood as well as making full and timely tax declaration and payment, thus optimizing tax costs for each business.

– Enterprises need to monitor amendments and supplements to tax rates for each type of tax to ensure accurate and complete tax payment.

– Monitor tax incentives, exemptions and reductions and must follow up on amendments and supplements to a number of important tax laws of the Government for timely proposals.

4. Instructions for online tax declaration

Nowadays, online tax declaration is becoming more and more popular. You can apply the method of electronic tax declaration through Website thuedientu.gdt.gov.vn to help taxpayers save time, costs and at the same time help tax authorities to manage more closely and effectively.

In order for the production and business of the enterprise to be smooth and effective, accountants need to understand and perform all optimal procedures. Only in this way can you avoid mistakes, waste time or money for your business. If you have any questions about tax declaration, or want advice on electronic invoices, please contact us immediately.

5. Tax Planning Methods for Business

There are four commonly used methods in tax planning (1) creation (2) transition (3) time (4) split:

Method 1: New creation – is taking advantage of tax incentives and benefits from the creation or establishment of branches and subsidiaries, for example, setting up a new establishment in an area with low tax rate.

Method 2: Conversion – is to change the operating mechanism, change the nature of the transaction so that the assets and income generated are subject to a lower tax rate if no conversion is performed.

Method 3: Time – is the transfer of taxable value to a more profitable tax period.

Method 4: Split – is the division of the taxable value among two or more taxable objects to reduce the total tax payable of all taxable objects.

6. What benefits do businesses receive when using tax optimization services?

Our tax declaration service will help businesses complete tax declarations smoothly, but also help businesses maximize on accounting costs saving. Compared to hiring an accountant, businesses can save 50-70% in fees, through our own highly qualified and qualified accountants. Always ensure that the tax declaration for the business takes place according to the correct process, the correct figures, or reports are handled correctly. Always update quickly the newly issued circulars and decrees on tax accounting.

Besides, when hiring tax declaration services in an optimal way, it also helps businesses save time in implementation; minimize backlogs. At the same time, minimizing costs for prescribed taxes; eliminate tax penalties. Enterprises are completely assured to do the best work assigned.

Through the above article, we hope we have provided readers with important and useful information so that businesses can have the knowledge and background to know how to optimize tax costs in the best possible way. To achieve these goals, managers must have an extremely clear and comprehensive view of the current situation of the business. Don’t be afraid, you can contact us for the best support!

Categories Tax