The liquidation of a Vietnamese legal entity is a lengthy and complicated process in which the final tax audit involves a lot of effort from the dissolving entity. This article is to provide a list of key and common issues, which are frequently challenged by the tax authorities during a tax audit upon dissolution for the enterprises’ perception and compliance in order to mitigate the risks of additional tax liabilities, penalties, and interest on late tax payment. There is a lot to consider when liquidating a company, with tax issues a major issue General procedures of liquidating a company The voluntary dissolution procedures of a company include the following steps with relevant parties and regulatory authorities: Resolution on dissolution to be passed by investors, disclosed to relevant stakeholders and announced publicly in the newspaper; Terminating contracts (with customers, suppliers, landlord, etc.) and liquidating assets; Settling liabilities in accordance with the statutory order: salaries, severance allowance, social insurance, other benefits owned to the employees; tax and obligations owned to the state; debts to creditors; Submission of regulatory dossiers to the authorities after having fulfilled the obligatory liabilities; return of the company’s seal and certificates; closure of tax code. Key issues commonly… Read full this story
- Cristian Bichi, BNR: Tax on bank assets is different in Poland and Hungary
- Court hears realisable assets at liquidated company 'vanished without plausible explanation'
- A ‘lifetime income super-tax’ would tax wealth and fix inequality
- Atoz launches new entity
- EU court rules against Commission on Belgium "excess profit" tax scheme
- Croats increasingly pull money from bank savings to avoid tax
- Tom Maguire: 'Global tax avoidance fight stepped up after Davos'
- Are there tax havens in the heart of the European Union?
- Under siege: world leaders take 'tax haven' swipe at us
- Jose Mourinho guilty of tax fraud in Spain but strikes deal to avoid jail
Liquidation of a Vietnamese entity—critical tax exposures have 321 words, post on www.vir.com.vn at May 31, 2018. This is cached page on Talk Vietnam. If you want remove this page, please contact us.