MONTHLY TAX COMPLIANCE
Besides the annual compliance applicable for corporate income tax, companies are required to account for value added tax (VAT) and withholding tax (WHT) on a monthly basis.
Monthly obligations pertaining to VAT include the following:
- Issuing VAT invoices to your customers pertaining to the sales of products or provision of services to them (output tax);
- Obtaining VAT invoice from your vendors pertaining to goods purchased or services received from them (input tax);
- Offsetting one month’s output tax against all allowable input tax and determining whether your company has underpaid or overpaid tax for that month;
- Settling underpaid tax for that month if any; and
- Preparing and filing the VAT return for that month.
Monthly obligations pertaining to WHT typically include:
- Determining the appropriate WHT type applicable for a particular service fee payable to a service provider or some other types of payment;
- Issuing appropriate WHT slips with the appropriate the WHT rate;
- Settlement of total WHT due for a particular month; and
- Filing the WHT return for that particular month.
Depending on your need, we will assist you in some or the whole aspects of the monthly tax compliance obligations. This should release you from tedious and clerical works so that you can focus more on your business.