What should a newly established enterprise do?
In general, newly established enterprises in Vietnam have quite a number of issues to resolve such as: taxes, labor, social insurance, invoices, bank accounts, material norms, and many other issues. To give everyone a more comprehensive view, refer to the table below.
Issue | Content |
Declaration of Business License Tax | Declare the business license tax once when the taxpayer (NNT) starts doing business, no later than the last day of the month in which production and business activities begin. If the establishment date is at the end of the month, the enterprise must submit it within 10 working days from the date the Business Registration Certificate is issued. Business license tax is payable based on the registered capital stated in the business registration certificate or investment license. |
VAT Declaration |
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Corporate Income Tax (CIT) Declaration | Including:
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Personal Income Tax (PIT) Declaration | Enterprises paying income subject to PIT are responsible for declaring and finalizing PIT on behalf of individuals who authorize them, regardless of whether tax deduction arises. In case the organization does not arise income payments during the year, it is not required to finalize PIT. |
Labor and Social Insurance | When signing labor contracts with a term of more than 3 months with employees, the enterprise must pay compulsory insurance for the employees. It is necessary to prepare a salary scale to submit to the Social Insurance agency. |
Other Issues | Depending on the business sector, the enterprise may have to pay additional taxes such as: Resource Tax, Special Consumption Tax, Non-agricultural Land Use Tax, various fees and charges (if any),... Additionally, there are invoices, bank accounts, material norms, and many other issues. |
Above are the general issues that newly established enterprises must resolve. However, this is not all as running an enterprise is indeed very challenging.
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