π Tax Risk Review & Audit Support β Professional Solutions by Veritas Trust
Tax and Audit β Critical Challenges for Businesses in Vietnam
In todayβs fast-changing business environment, tax compliance and auditing are not only mandatory requirements but also a measure of transparency and credibility for enterprises.
However, many companies in Vietnam still face challenges such as:
- Constantly changing tax regulations, difficult to track in time.
- Increasing tax inspections and audits, especially in commerce, services, manufacturing, and investment sectors.
- Stricter requirements from independent auditors, demanding transparent and well-prepared accounting records.
To help businesses stay compliant and minimize risks, Veritas Trust provides two specialized services: Tax Risk Review and Audit Support.
1οΈβ£ Tax Risk Review β Identifying and Managing Tax Risks
What is Tax Risk Review?
The Tax Risk Review service by Veritas Trust focuses on reviewing financial statements, accounting books, and tax returns to identify and assess potential tax risks before they escalate.
Service Scope
- π Review of general ledger (GL) and financial statements.
- π§Ύ Cross-check input/output invoices with VAT returns.
- π³ Review accounts receivable and accounts payable (AR/AP).
- π₯ Payroll and personal income tax (PIT) compliance review.
- π’ Review fixed assets and depreciation policies.
- π Verify the consistency of tax returns, supporting documents, and accounting standards.
Common Tax Risks
- Incorrect or incomplete VAT, CIT, and PIT declarations.
- Non-deductible or insufficiently supported expenses.
- Improper depreciation, loan interest allocation, or cost distribution.
- Late or missing tax filings, leading to back tax collections and penalties.
Consequences of Unmanaged Tax Risks
Failure to control tax risks can result in:
- Back tax collections for underpaid amounts in previous periods.
- Administrative penalties under the Law on Tax Administration.
- Late payment fines that significantly affect cash flow.
- Damaged credibility with partners, banks, and investors.
Service Fee β Tax Risk Review
- Quarterly: VND 6,886,000 (~USD 268).
- Annually: VND 12,886,000 (~USD 498).
2οΈβ£ Audit Support β Independent Audit Assistance
What is Audit Support?
The Audit Support service by Veritas Trust is designed to assist businesses, especially accounting staff with limited experience in working with independent auditors. It ensures the audit process is smooth, transparent, and effective.
Service Scope
- π Preparation, organization, and review of accounting records.
- π§Ύ Verification of contracts, invoices, and vouchers for legality and validity.
- π Review and classification of expenses to avoid disallowance in corporate income tax (CIT) declarations.
- π₯ Support internal accountants in explaining data to auditors.
- π Monitor audit progress and ensure timely completion of audit reports.
Benefits for Businesses
- Transparent and compliant audit reports.
- Maximum recognition of deductible expenses, reducing CIT burden.
- Minimized errors in communication with independent auditors.
- Enhanced internal accounting capacity with expert guidance from Veritas Trust.
Service Fee β Audit Support
- Quarterly: VND 6,886,000 (~USD 268).
- Annually: VND 12,886,000 (~USD 498).
Why Choose Veritas Trust?
- Multidisciplinary expertise β extensive experience in accounting, auditing, legal, and tax advisory.
- Transparency and professionalism β all assessments follow Vietnamese law and international standards.
- Long-term solutions β not just short-term support, but building a sustainable compliance system for your business.
π― Veritas Trust β Trust Built on Truth
With Tax Risk Review and Audit Support, Veritas Trust empowers businesses to:
- Proactively identify and mitigate tax risks.
- Optimize deductible expenses and reduce tax liabilities.
- Ensure financial transparency and compliance in audit reports.
- Strengthen credibility with partners, banks, auditors, and regulators.
π Veritas Trust β Your trusted partner in tax and audit compliance.
