Annual Tax Finalization and Annual Financial Statements for FOEs
At the end of the year, in addition to completing corporate income tax (CIT) finalization, enterprises must complete personal income tax (PIT) on behalf of their employees. We discuss these requirements in this article.
Furthermore, all foreign-owned enterprises (FOEs) in Vietnam are required to prepare annual financial statements for annual audit. These statements, which must be in accordance with the Vietnamese Accounting Standards (VAS), should include balance sheets, income statements, and cash flow statements. Annual financial statements are required to be audited by an independent auditing firm registered in Vietnam under Vietnamese law, and the audited reports shall be completed and submitted to the relevant authorities within 90 days after the end of the fiscal year.
Here, we will take a look at what to pay attention to in preparation and submission of audited reports in Vietnam, including:
• Structure of statutory audited financial reports
• General accounting treatments on significant independent audit areas
• General treatments on significant tax audit areas
• Audited financial statements submission
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