What is Annual Personal Income Tax Settlement?
Annual Personal Income Tax (PIT) settlement is the process in which taxpayers file to determine the actual amount of tax due for the previous year. During this process, taxpayers compare the tax already paid throughout the year with the actual tax liability, identifying any discrepancies. This comparison allows for the correction of any overpayments or underpayments and facilitates requests for tax refunds if necessary.
Why Must Companies Settle Personal Income Tax?
Settling PIT is crucial for companies for several reasons:
Legal Compliance: Ensuring accurate PIT settlement is a legal requirement. Companies must adhere to tax regulations to avoid administrative fines and tax arrears.
Employee Benefits: Accurate PIT settlement prevents overpayment or underpayment of taxes for employees, reducing the risk of future tax arrears and ensuring fairness in tax obligations.
Accurate Settlement: Companies need to reconcile income information, deductions, and allowances to provide precise data to tax authorities, ensuring accurate tax calculations.
Enhancing Company Reputation: Timely and accurate tax settlement boosts the company’s credibility with tax authorities and stakeholders.
Facilitating Tax Refunds: If employees have overpaid taxes, the PIT settlement process allows for the issuance of refunds, benefiting the employees.
KMC’s Annual Personal Income Tax Settlement Services
Why Choose KMC?
KMC’s expertise ensures a smooth and accurate PIT settlement process, allowing your company to meet legal requirements and manage tax obligations effectively. Our professional team is dedicated to providing comprehensive support, from document preparation to final submission and payment.
For expert assistance with your annual personal income tax settlement, contact KMC today. Let us help you navigate the complexities of PIT settlement and ensure compliance with ease.
Accounting Advisory
KMC provide professional initial accounting and tax registration services, you shall not bother about issues related to tax and accounting after post license. Our team with high expertise and many years experiences will support and accompany you.
Tax Advisory
Our tax services rely on our local knowledge to ensure tax compliance, tax administration and dealing with tax authorities. We assist you by taking into account the latest regulations thus ensuring full tax compliance and optimization.
Business Advisory
KMC believes in an approach to our client, as we familiarize ourselves with all aspects of your business and the environment in which you operate, it enables us to propose you the most appropriate plan at a competitive service fee.
Human Resources (HR) and Payroll Advisory
KMC’s service will help businesses fully comply with Vietnam’s regulations, optimize costs, and prevent risks in advance.
Mergers and Acquisitions (M&A) Advisory
Our global network in combination with our deep industry knowledge means that we can help companies identify other businesses that offer a good strategic fit and assist them with acquisitions, mergers and alliances that allow them to maintain and build their competitive advantage.
Transfer Pricing Advisory
Transfer pricing refers to the rules and methods for pricing transactions between related entities, typically within multinational companies. Currently, regulations on compliance of transfer pricing are very complexly and strictly.
Annual Consulting Services
KMC has the expertise with experienced resources, including lawyers, auditors, accountants who have many years of experiences working in the investment, accounting, taxation and labour consulting fields.
Other Services
Besides Accounting, Taxation, Business Services, etc. KMC also has efforts to provide other services to Clients related to business activities of the enterprises in Vietnam.
