After completing the business establishment procedures, the business needs to carry out the initial tax declaration procedures. In order to help you understand more about the initial tax declaration procedure, the accounting work that needs to be done for a newly established business, Hong Bang Law Firm would like to consult as follows:

Legal grounds

• Law on Tax Administration 2019
• Enterprise Law 2020
• Other guiding documents of the law

Procedures and Dossiers

Placing and hanging signboards at corporate headquarters

After receiving the business registration certificate, the enterprise must make a company sign with 3 information contents including: Name of the business, tax code, head office address and hang the sign at the head office address. office during its operation. In many cases, the tax administrator will come to the head office of the enterprise to check the operating status of the business and the full display of the signs.

Opening a bank account and notify the bank account to the authorities

In order for the company’s business to be conducted smoothly, the enterprise can open a bank account. The opening of an account will help businesses effectively and conveniently manage the company’s capital in deducting and paying taxes to the State Treasury.

Currently, businesses do not need to notify the bank account number to the Department of Planning and Investment where the business is located, but within 10 days from the date of opening the account, the enterprise must notify the bank account to the tax authorities.

The dossier includes:

• Confirm the account or notify the account number provided by the bank (if any)
• Notice of bank account (Form No. 08-MST according to Circular No. 105/2020/TT-BTC or written notice depending on the request of the tax authority)

Buying digital signature

Currently, the whole country is favorable to the submission of tax returns online, so the company needs to buy a digital signature for the tax return filing to proceed smoothly.

Selection of VAT declaration methods, purchase of invoices and procedures for notifying invoice issuance to tax authorities

There are two methods of calculating VAT, the deduction method and the direct method. According to Official Letter No. 4253/TCT-CS, from November 5, 2017, the determination of the VAT calculation method is based on the VAT declaration dossier sent by the business establishment to the tax authority, specifically:

• If the business establishment registers to apply VAT according to the deduction method, it shall send the VAT declaration form No. 01/GTGT, 02/GTGT ​​to the tax office.
• If the business establishment registers to apply the direct method, it shall send the VAT declaration form No. 03/GTGT, 04/GTGT ​​to the tax office.

Regarding invoices, whether enterprises use value-added invoices or sales invoices, they still have to carry out procedures for issuing invoices and sending them to the tax authorities directly managing them.

If the enterprise chooses to declare VAT by the credit method, it will use the VAT invoice. Enterprises contact e-invoice providers such as Viettel, VNPT, FPT… for support. After having an e-invoice, carry out the procedures for notifying invoice issuance before using it. Profile include:

• Decide to use invoices;
• Notice of invoice issuance;
• Sample invoice

If the enterprise declares VAT by the direct method, the sales invoice shall be used. Enterprises need to go to the tax department to carry out procedures to buy invoices.

Selection of accounting regime and method of depreciation of fixed assets

• Regarding accounting regimes: There are 2 accounting regimes in force: Circular No. 133/2016/TT-BTC and Circular No. 200/2014/TT-BTC. Enterprises must determine the size and number of employees in order to choose the appropriate accounting regime.
• Regarding the method of depreciation of fixed assets: According to Clause 3, Clause 4, Article 13 of Circular No. 45/2013/TT-BTC guiding the method of depreciation of fixed assets: “The enterprise decides the method by itself. Depreciation and time for depreciation of fixed assets shall comply with the provisions of this Circular and notify the tax authority directly managing them before commencing the implementation”. Thus, enterprises need to notify tax authorities before making depreciation of fixed assets.

Tax consulting and declaration service of Hong Bang Law Firm

Hong Bang Law Firm is a partner providing tax solutions for businesses. The company provides the following services:

• Initial tax consulting and declaration service
• Monthly tax declaration service;
• Quarterly tax declaration service;
• Tax declaration service according to the time of arising;
• Preparation and declaration of year-end financial statements;
• Service of personal income tax finalization;
• Contractor tax declaration service;
• Year-by-year tax declaration services: Reasonable cost and fully integrated with all tax declaration activities of the business, completing books and documents, closing the business transfer book;
• Tax declaration services at the request of businesses.

If you need advice, more detailed answers as well as how to access this service, please contact directly the Deputy Director in charge of business: Lawyer Nhat Nam via hotline: 0912.35.65.75, or call our free legal consultation hotline: 1900.6575 and send email to lienheluathongbang@gmail.com