Annual Compliance Procedures for Foreign-Owned Enterprises (FOEs) in Vietnam

Summary

Foreign-owned enterprises (FOEs) in Vietnam must adhere to mandatory annual compliance procedures. These procedures involve audit, tax finalization, and profit remittance.

Key Points

• Annual compliance procedures are mandatory for FOEs in Vietnam.
• The deadlines for submission of audited reports to government departments are within 90 days from the end of the calendar or fiscal year.
• Tax finalization declarations must be submitted no later than the last day of the third month after the close of the annual accounting period.
• Profit remittance is only allowed if the business has completed all financial obligations to the State of Vietnam.

Possible Questions

• What are the specific requirements for annual compliance procedures in Vietnam?

  Specific requirements may include:

  • Submission of audited reports
  • Tax finalization declarations
  • Profit remittance

• How can FOEs ensure they meet the deadlines for submission of audited reports and tax finalization declarations?

  To meet these deadlines, FOEs should:

  • Plan ahead and allow sufficient time for audit and tax preparation
  • Ensure accurate and complete financial records
  • Coordinate with government departments and tax authorities as needed

• Are there any exceptions or special cases for profit remittance in Vietnam?

  Profit remittance may be subject to exceptions or special cases, such as:

  • Businesses that have not completed all financial obligations to the State of Vietnam
  • Enterprises that are undergoing restructuring or liquidation

• Can you provide more information on the audit process for FOEs in Vietnam?

  The audit process typically involves:

  • Review and examination of financial records
  • Verification of compliance with laws and regulations
  • Identification of any discrepancies or irregularities