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Corporate Compliance Checklist in Early 2017

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Compliance procedures for domestic and foreign corporations are slightly different from compliance procedures for foreign representative offices in Viet Nam. However, any businesses in Vietnam should obtain an internal audit plan to examine tax, human resource, payroll and compliance reports in 2016 for a better 2017

In the first quarter of 2017, corporations need to strictly monitor the implementation of annual compliance tasks required by the state agencies. In particular,companies need to prepare and submit several corporate compliance reports which are mentioned below:

A. Tax – Accounting

1. Compulsory tasks

  • Declare and pay license tax
  • Pay personal income tax for Q4 of 2016
  • Financial statement and settle personal income tax and corporate tax
  • 2016 financial statement audit
  • Accomplish and submit statistical return
  • Report on the use of invoice – personal income tax withholding receipts
  • Make a list of employees subject to settle PIT directly with the tax authorities

2. Other important tasks

  • Internal audit of tax declaration and payment
  • Re audit tax payment receipt
  • Examine the balance – tax situation with the tax agency
  • Collect and organize all related documents and invoices for Tax assessment

B. Labor and Payroll

1. Compulsory tasks

  • Sign labor contracts and contract annex for new salary agreement in 2017 for every employees
  • Adjustment procedures for insurance declaration and payment
  • Register and amend payroll system, internal labor regulations, labor agreement… To update new regulations and benefits policies that brought into effect in early 2017

2. Other important tasks

  • Collect, organize and update staff information such as pay raise, attendance, overtime, discipline
  • Certifying income, personal income tax withholding vouchers for seasonal employees, employees have direct income from abroad



corporate compliance 2017

For the past 10 years, Viva Business Consulting has been delivering outstanding business support and corporate compliance for 400+ foreign and domestic enterprises in Vietnam. Let us know your concerns, we simplify it!


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