Why do businesses need tax consultancy services? This is a very common question for businesses. When understanding the benefits of tax consultancy services, businesses will find the answer to this question. In this blog, RSM Vietnam will analyze the advantages for businesses when using tax consultancy services, as well as provide important criteria for businesses to choose the best tax consultant for their needs.
Table of contents:
1. What is tax consultancy?
Along with the constant changes in the business environment in the modern era, tax regulations are also continuously evolving year by year, adapting to the government's economic and social development strategies. However, these changes have often posed challenges for many businesses, including large-scale organizations with a strong commitment to compliance, in keeping up with and understanding the ever-changing tax rules. This situation can lead to risks such as tax arrears, administrative penalties, late tax payment penalties during tax audits, and more. Therefore, tax consultancy is one of the crucial services that businesses need. With tax consultancy services, businesses receive assistance in accurately understanding the types and rates of taxes they need to pay.
Tax consultancy services also help address any queries or concerns that businesses may have arising from their operations or regarding legal procedures related to tax filings.
2. Benefits for businesses when using tax consultancy services
Help businesses to stay up-to-date with timely and comprehensive tax law changes
Currently, the business environment is constantly changing, and tax policies are continuously being updated accordingly. In addition, the degree of connectivity and integration between tax management processes is currently low due to the lack of an overall redesign of business processes. The tax system remains complex, with many exemptions, reductions, and various tax shades, each serving different functions and objectives. These issues often create challenges for businesses in staying informed and complying accurately.
With the support of tax consultancy services, businesses can stay well-informed about tax policy changes and, as a result, fulfill their tax obligations correctly and completely.
Help businesses avoid errors when filing taxes
Even though one may have a good understanding of tax policies, when it comes to filing taxes, mistakes can still occur. Even a small error in the tax filing process can lead to significant issues and hassles for a business. Therefore, businesses should seek tax consultancy services to receive assistance with the tax filing process. This helps businesses avoid potential risks related to mistakes and inaccuracies when filing taxes.
Help businesses find solutions to tax-related issues
Tax consultants, with their deep knowledge and years of experience in the field, help identify optimal solutions to the issues that businesses face. Businesses can rest assured about compliance when they receive specialized advice to determine potential risks and tax-saving opportunities.
Reduce business costs
Instead of recruiting and training personnel, businesses using tax consultancy services can significantly reduce related expenses. Additionally, the efficiency of tax-related tasks will be much higher when handled by a professional team of tax consultants with substantial expertise.
3. Important criteria when choosing a tax consultant
Tax is a crucial matter for the operations of every organization, which is why choosing a reputable tax consultant is one of the factors contributing to a business's success. Below are criteria for selecting a tax consultant:
Global tax consultancy firm with extensive international knowledge and strong local expertise
When seeking a tax consultancy partner, businesses should consider working with an international consultancy firm that has offices in the local country. International consultancy firms typically have a long history and a vast network worldwide, so their systems and services are more professional and specialized. Additionally, with their long-established reputation, businesses can fully trust in the competence and credibility of the international firm.
In the context of an increasingly globalized economy, businesses will require more specialized tax consultancy services such as transfer pricing consulting, government relations support, customs and international trade services, market entry services, and more. Global consultancy firms are the go-to places to access these specialized services due to their deep international knowledge and strong understanding of local tax policies.
Tax consultants with the years of experience
It can be said that the number of years of experience is one of the crucial criteria for selecting a tax consultant. Consultants with more experience tend to provide businesses with deeper insights and professional support.
Tax consultants that offer a wide range of tax services
A professional tax consultancy firm is capable of providing services across various domains. Tax consulting goes beyond income tax, value-added tax, or licensing support. There are many other tax-related services that businesses may need during their operations, such as transfer pricing consulting, government relations support, individual income tax services, and global workforce management, among others.
Tax consultants with a deep understanding of their clients
A consulting firm willing to make an effort to understand its clients is a trusted partner for businesses. Consultants should be ready to accompany their clients and gain a deeper understanding of all aspects of their operations. This allows them to provide comprehensive market and legal analysis to help businesses identify potential opportunities and challenges. Only when they understand their clients' goals and measures of success can tax consultants empower them to maximize their potential.
Tax consultants with strong connections to relevant government agencies
Working with a tax consultant who has strong connections to relevant government agencies means that any issues or questions a business may have can be resolved quickly and efficiently. Additionally, businesses can receive accurate and effective advice that aligns with their specific goals.
4. Reasons for choosing RSM Vietnam for tax consultancy services
RSM Vietnam takes pride in being a member of the RSM International network, with a global team comprising over 48,000 professionals and 820 offices across the Americas, Europe, MENA, Africa, and the Asia-Pacific region. We are committed to providing all our clients with consistent services that exceed their expectations, regardless of where their businesses are located worldwide. With our extensive international knowledge and expertise, coupled with an understanding of local nuances, we empower our clients to confidently stride into the future.
We believe that every client deserves the utmost dedicated support from our globally renowned experts who possess deep industry knowledge. Whether you are a small or medium-sized enterprise or a multinational corporation, you can always trust in the most up-to-date knowledge and insights from our industry-leading experts. We take pride in sharing our expertise promptly and timely with clients to help them overcome any challenges they face.
Our tax consulting services include:
Corporate Income Tax Services
Value Added Tax (VAT) Services
Transfer Pricing Advisory Services
Government Relations and Support Services
Personal Income Tax and Global Mobility Services
Customs and International Trade Services
Market Entry Services
Licensing Support Services
Digital Tax Advisory Services
Mergers and Acquisitions (M&A) Tax Advisory Services
Tax Consulting and Planning Services
Please contact us for tax consultation from top experts and professional services derived from the Power of being Understood
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