To optimize the cost of Personal Income Tax, use Farovietnam's salary management service

Payroll management is an obstacle for many businesses because of its consequences when having any mistakes. Therefore, many businesses have chosen payroll management services to minimize that risk, and  Farovietnam is one of the most competitors in the service provider market.

In this article, FaroVietnam will explain Farovietnam's payroll management service in detail.

Benefits of using Farovietnam's payroll management service

Farovietnam's payroll management service is the optimal solution for many businesses in calculating salaries accurately and effectively. Besides, Farovietnam also supports paying taxes and other issues on time without affecting the reputation of the business.

Many businesses choose to use Farovietnam's payroll management service for the following reasons:

• For large enterprises, when dealing with personal income tax issues for foreign experts, their staff will not have a deep understanding of legal procedures and regulations about payroll and personal income tax administration compared to service providers, which  can easily lead to mistakes.

• With the payroll management service, all procedures are handled on time, according to the process and minimize risks with social insurance agencies and trade unions.
• Choosing to use payroll administration will ease the pressure for the HR department.
• Reducing errors and saving time for businesses when working with authorities.
• For businesses that have employees with flexible working hours or sales staff with significantly different turnover rates, using Farovietnam's payroll management service will be the perfect option in terms of both processing time and cost.

The process of using Farovietnam's payroll management service

The process of using Farovietnam's payroll management service is as follows:

• Calculate rental allowances for professionals. This amount includes the taxable income paid by the employee and does not exceed 15% of the total taxable income and excludes the rent paid by the company to the specialist.
• Calculating allowances for employees. In some circumstances, the accountant is confusing allowances adding with the employee's income. Using a payroll management service can limit this mistake.
• Calculating meal allowances for employees according to Circular 26/2016/TT-BLDTBXH. The meal allowance for the Employee is excluded to the personal tax income, provided that this amount cannot exceed VND 730,000/month/person.
• Declaring personal tax incomes such as main income, accommodation allowance, travel allowances, benefits, bonuses, insurance...
• No deduction to expenses of employees
• Making registration for family allowances and providing applications for family allowance or processing quickly in the case of incorrect or duplicate declaration.

In addition to providing payroll administration services, personal income tax declaration and finalization, Farovietnam also advises businesses on how to allocate reasonable costs in accordance with the law.

Above is some information about Farovietnam's payroll management service. If businesses have the demand for detailed service, please contact our hotline immediately.