When starting a business, you need to know about the importance of corporate taxes and how corporate tax compliance affects the economic development of the jurisdiction in which you plan to do business, as well as what you should do when you encounter tax difficulties and resolve tax issues. Therefore, businesses have and should have a chief tax advisor who can ease the worries of businesses and conduct and handle tax work for businesses on their behalf. PHAM CONSULT is proud of its large and experienced team, which will provide customers with professional and time-saving consulting and consulting services.

Tax

Pursuant to Clause 1, Article 3 of the Law on Tax Administration 2019, tax is prescribed as follows:

“1. Tax is a compulsory state budget payment by organizations, households, business households and individuals in accordance with tax laws.”

Through the above regulation, it can be explained that tax is the amount of money that the government levies on the income of individuals and businesses (direct tax) or on goods and services (indirect tax). Taxes are used by the government for a variety of purposes.

The purpose of the tax includes financing public activities such as infrastructure, education, healthcare, defense and security, ensuring social justice, regulating the economy, and encouraging economic and social development.

Grounds for taxation

In the Tax Laws, there are norms that stipulate on which basis taxes are calculated. Depending on the content and nature of each type of tax, the tax bases are specified in detail. Tax bases include basic factors such as tax subjects and tax rates. Comprise:

  • Tax calculation objects: the most important basis for tax calculation, reflecting the socio-economic content, the origin of the wealth part is concentrated in the State budget fund, showing the independent nature of a tax in the tax law system.
  • Tariff Schedule: A table of tax rates or certain tax rates in a Tax Law applied to collect tax for each specific relationship.
  • Tax rate: It is the tax rate that shows the level of the State’s encouragement per unit of the taxable subject. Depending on each tax law, different tax rates are applied

Tax Advisor

As a tax professional, with high professional qualifications and experience in tax law. The mission is to help companies or individuals understand and implement tax regulations, solve tax-related issues, and advise on strategies to reduce taxes reasonably and within the scope of the law.

Working as a tax advisor means being well-versed in tax law, having extensive tax knowledge, and understanding the subject matter of tax law. Therefore, tax consultants can represent the company in solving tax-related issues and guiding taxpayers to carry out activities directly related to corporate tax.

– Tax advisors can work for an agency or be self-employed. Either way, they are tasked with finding effective ways for clients to reduce their tax liability, calculate taxes on diverse portfolios, find appropriate deductions and credits, etc.

– They can also prepare and file tax returns for their clients.

– Tax consultants are required to stay up-to-date with the latest changes in tax laws so that they can provide the most useful advice to their clients.

A taxpayer has experienced a major life event – such as the death of a spouse, marriage, divorce, birth or adoption, purchase of a new home, loss of job, inheritance,… It would be wise to hire the services of a tax advisor.

Duties of a Financial Advisor

Tax consultants help clients with many tax-related issues. Mainly, they ensure customers comply with tax rules and regulations. They also use their expertise and knowledge of tax identification numbers to help individuals and businesses pay what they owe.

These professionals help individuals and organizations minimize their tax liability by reducing their taxable income and taking advantage of all applicable tax adjustments, deductions, and credits.

The need for tax advisors for businesses

When a business is established, it takes time to learn about the provisions of the tax law. But not every business has a permanent tax consulting department. But whether the company is preparing to be established, has just been established, or has been in operation for a long time, all tax-related issues always play an important role and are carefully considered when starting business projects.

In the process of operation, there will always be questions and learn about taxes such as what kind of tax your business must pay, what level is appropriate, whether there is a prescribed time limit or not, whether the company’s business type is tax-exempt or not. And a lot of tax-related questions.

Currently, in the market with the majority of tax consulting services, it is extremely necessary to choose a “companion” to be able to support and work with your business to solve tax-related difficulties. Let our ACC Law Firm support tax advice and all tax legal issues for your business.

PHAM CONSULT’s tax advisory and consolidation services

Tax advisors play an important role in helping individuals and organizations understand and comply with tax regulations, and optimize tax benefits legally and effectively.

  • Tax Advisory: Provides advice on how to optimize tax deductions, minimize tax costs, and comply with legal regulations.
  • Support in tax implementation: Guidance in preparing, filling out and submitting tax reports and tax returns in accordance with the deadline and requirements of tax authorities.
  • Tax dispute resolution: Representing and supporting clients in tax litigation, responding to tax inspection requests of tax authorities.
  • Training and education: Provide training and education guidance to clients on tax-related issues and new legal changes.
  • Financial Analysis: Analyze a client’s finances to come up with financial solutions that are beneficial for tax administration.

 

If you have any legal questions that need to be answered, do not hesitate to contact PHAM CONSULT immediately at hotline +84932 103 118 to receive advice from specialists.

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