GENERAL DEPARTMENT OF TAXATION TO FOCUS ON KEY INDUSTRIES FOR INSPECTION IN 2025

In 2025, the General Department of Taxation will implement comprehensive and efficient enforcement of legal provisions, focusing on key areas to ensure transparent, fair, and effective tax management. According to Section 7 of the Appendix attached to Official Dispatch No. 2220/TTCP-KHTH, the General Department of Taxation has outlined the following inspection focus areas for 2025:

Tax Inspection

The General Department of Taxation will conduct extensive inspections in the following areas:

• Compliance with directives from higher authorities and adherence to tax audit and inspection regulations.

• VAT refund activities, debt management, tax enforcement, and asset and financial management.

• Implementation of the Law on Thrift Practice and Waste Combat, the Anti-Corruption Law, and handling of complaints and denunciations.

• 
  

• Organizational structure, personnel management, and operational oversight of tax authorities.

Key Sectors and Enterprises for Inspection

The General Department of Taxation will focus on examining and inspecting enterprises in the following industries and fields:

·       Key Industries: Oil and gas, petroleum, power, telecommunications, banking, insurance, securities, financial leasing, pharmaceuticals, real estate, construction, gold and jewelry trading, advertising media, e-commerce, and entertainment activities.

·       High-Risk Enterprises

-       Large-scale enterprises that have not been inspected or examined for several years.

-       Enterprises involved in capital, brand, or project transfers.

-       Enterprises issuing securities, paying dividends in shares, or issuing bonus shares.

-       Enterprises engaged in related-party transactions, transfer pricing, or those with consecutive years of losses or significantly lower profitability than industry peers.

-       Enterprises with high invoice-related risks.

-       Enterprises suspected of fraud, high risks in tax refunds, or enjoying preferential tax incentives.

-       Enterprises filing for tax exemption and reduction under double taxation agreements.

-       Enterprises flagged for suspicious transactions by banking inspection and supervision agency or customs authorities.

W&A’s Tax Review Services: Essential Solutions for Businesses

During the inspections period in 2025, tax reviews are crucial for minimizing risks and ensuring compliance with legal regulations.

W&A provides tax review services to identify potential risks and issues related to accounting operations, tax declarations, and legal compliance, including:

1. Reviewing Accounting Records: Verifying the consistency between ledger entries (e.g., general and subsidiary ledgers) and original documents.

2. Analyzing Financial Statement: Evaluating the accuracy of financial statements (e.g., profit and loss, balance sheet, cash flow statements) to identify errors or potential issues in financial reporting.

3. Reviewing Legality of Expenses and Invoices: Identifying high-risk expense items and ensuring remaining expenses are reasonable, legitimate, and supported by required invoices/documents.

4. Identifying Tax Risk: Analyzing potential tax risks from transactions and contracts, revenue recognition and accruals; evaluate the reasonableness and validity of accruals and provisions; reviewing related-party transactions to ensure compliance with transfer pricing regulations.

5. Reviewing Tax Compliance: Examining the enterprise's tax declaration and payment status (e.g., VAT, CIT, PIT, resource tax, special consumption tax) to ensure timely and full compliance.

6. Strategic Consulting: Offering recommendations to improve accounting processes, tax controls, and risk mitigation strategies. Proposing solutions for tax cost optimization and enhancing financial performance.

7. Tax Issue Assistance: Supporting businesses in resolving tax disputes and preparing documentation for working with tax authorities during inspections.

   
   

By utilizing W&A's tax review services, businesses can minimize tax, accounting, and legal risks, while optimizing financial and accounting operations. With an experienced team of experts, W&A ensures dedicated and effective support throughout the inspection process.

Contact W&A for more detailed information:

☎️ (+84) 98 410 4979

📧 Email: nam.phan@waco.com.vn

🌐 Website: https://www.waconsulting.vn/