Tax Review

Service Description

With this service package, we will periodically (monthly and annually) perform an independent review of 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 are spotted, and how to optimize tax laws in their businesses (Ex: tax incentives, tax saving,…).

Accordingly, our detailed works are as follows:

• 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 refunds (depending on each type of tax). If any is 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 in 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 for the service.

Clients consider using this service mainly because they want to minimize tax risks in the following cases:

• 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 tax declaration department of the client does not have the appropriate skills and knowledge to ensure that tax risks are controlled.
• Customers want more independent control procedures to put pressure on the tax declaration department to strictly adhere to the work process, minimizing errors due to negligence and lack of concentration.
• The client wants to add an extra layer of control to solidify the tax-related risk control system and process.
• The client wants the recommendations of the tax consultant to solve the inadequacies in order to support the business goals.
• The client wants to consult in case the regulations are not clear or there are no regulations.