Tax Review

With this service package, we will periodically (monthly and annually) perform an independent review on tax filings that are prepared by the client's tax department to help find out misstatements, if any, for correction before submitting them to tax authorities. Besides, while providing the service, we often advise clients on tax risks, if any spotted, and how to optimize tax laws in their businesses (Ex: tax incentives, tax saving,…).

Accordingly, our detailed works are as follow:

• Coordinate with the client's accounting department to obtain all tax filings of a period and related documents for the next steps.
• Check the tax filings to ensure that they are fulfilled in compliance with tax laws.
• Reconcile figures on the tax filings against detailed ledgers, and check to ensure the figures are accurately calculated and with the right tax rates.
• Scan and review transactions on the detailed ledgers to make sure that they are eligible for tax expenses or tax refund (depending on each type of taxes). If any unclear, promptly inform and discuss with the client to make sure of their nature for tax filing purposes.
• Reconcile tax figures against accounting figures to make sure that there are no missing transactions (both revenue and expenses) for tax-filing purposes.
• Scans and choose a sample of transactions from the detailed ledgers to check their supporting documents to make sure that they accurately reflect the transactions and are eligible for tax purposes.
• Identify misstatements of the tax filings and propose proper adjustments and solutions for the client's review and consideration. Prepare and send a detailed report to the client and then directly explain the report when required.
• Finally, we send the client a recommendation letter that presents our recommendations regarding tax the client's tax information system and procedures, tax risks, and how to make the most use of tax benefits, if any.
  
  

Scopes of work: Depending on the client's specific requirements, we can provide this service package for some or all types of tax (Ex: Corporate Income Tax (CIT), Value Added Tax (VAT), Foreign Contractor Tax (FCT), Personal Income Tax (PIT),..). Besides, it also depends on which tax periods and independent accounting units (one company may register more than one independent accounting unit with tax authorities) that the client wants to apply the service.

• There are large volumes and types of transactions that are likely to result in mistakes in tax filings, and then tax risks in the future
• The client's tax department personnel may not have adequate knowledge and skills to minimize tax risks to an acceptable level.
• The client wants to add more control procedures from outside to motivate their people to strictly follow working procedures and policies, reducing frauds or mistakes due to ignorance.
• The client wants to receive recommendations from tax advisors to make the most use of tax laws for their business objectives
• The client wants to hear independent opinions from tax advisors regarding tax issues that are not guided by tax laws.