Tax policy: A constant concern for foreign investors
1. Tired of the tax policy system
The difference in the legal system and tax policies in each country is always a major concern of foreign investors. Violating tax laws in another country can greatly affect an investor's business in their own country. For that reason, foreign investors always want to carefully understand the laws in Vietnam and try to comply with the best way.
However, everything is not as simple as just reading legal documents and following the instructions. Complicated, complicated, constantly changing tax policies and overlapping guiding documents make businesses always feel confused and confusing. It takes a long time to read the text, learn it correctly and apply it in practice still does not help businesses avoid the risk of tax arrears or fines for tax law violations.
2. Why tax policy makes it difficult for investors?
- There are too many overlapping guidelines for the same issue, causing confusion and confusion for businesses;
- Documents are constantly changing, tax procedures are cumbersome, multi-stage, complicated, making it difficult for businesses;
- Human resources fail to keep up with the policy changes, do not fully grasp and promptly apply new regulations;
- The tax inspection is too slow, sometimes after 5 or even 10 years, the tax arrears and late payment interest become a financial burden for businesses;
- Many different understandings and answers to the same problem, inconsistent, and work-solving also put a heavy emphasis on individuality, subjective will and emotion.
- There are too many overlapping guidelines for the same issue, causing confusion and confusion for businesses;
3. How investors can “stop worrying and live”
Tax laws often change, as there are now changes that are beneficial to businesses, but there are changes that make businesses feel unable to continue operating.
As a foreign investor, it is always important to learn the legal system in another country before investing. Most firms will opt to partner with tax and legal consulting firms to ensure the job is done right from the start. Experience shows that investors need to choose companies with practical experience and reputation in the market to have the quality of work to meet their needs.
The right job right from the first step, if combined with the periodic review of the financial accounting system, tax or audit for tax purposes, will help investors feel secure about the compliance of the law. business yourself.
4. Solutions to overcome concerns about tax policies
- Cooperate with reputable consulting companies with good handling experience;
- Looking for a staff of experienced staff, knowledgeable about the tax law system, able to read and update documents in a timely manner;
- Consult with a team of experienced experts or use risk review, compliance audit, inspection services for tax purposes;
- Make annual tax finalization after completing the books, do not wait until the tax agency notices the inspection; em
- Implementation of electronic declaration procedures, electronic invoices, ... save travel time and provide documents;
- Find out information at the propaganda support department of the tax agency or the governing unit, write a letter to the tax authority to answer questions and serve as a basis for businesses to do so;
- Building a legal document system for each specific content to facilitate the systematic and accurate information search (contact us to receive the legal document file system).
