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IMPORTANT NOTICES REGARDING THE METHODS OF PERSONAL INCOME TAX DECLARATION IN VIETNAM

IMPORTANT NOTICES REGARDING THE METHODS OF PERSONAL INCOME TAX DECLARATION IN VIETNAM

VIVA BUSINESS CONSULTING là công ty tư vấn doanh nghiệp được tín nhiệm bởi hằng ngàn khách hàng danh tiếng từ năm 2006. VIVA cung cấp nền tảng quản lý toàn diện và nguồn lực thực thi theo cách kết hợp đồng thời của: Luật pháp và thủ tục hành chính trong kinh doanh – Quản lý thuế và kế toán – Quản trị quan hệ lao động – Quản trị tài chính doanh nghiệp – Quản trị và kiểm soát nội bộ. Năng lực của chúng tôi giúp khách hàng lường trước các rủi ro, tối ưu chi phí, kiến tạo lợi thế kinh doanh.

VIVA is a business consulting company, specializes in business compliance procedures according to local business laws and regulations since 2006. VIVA has been continuously trusted by thousands of well-known clients since 2006. We are creating added value for clients by offering one-stop business platform with exclusive and tailored-made services related to market entry and mandatory business compliances. We keep our client’s good standing in lawful and optimal manners whenever they are working and doing business in Vietnam.

Personal income tax declaration

Personal income tax is a tax calculated on an individual’s income sources earned from business activities and other sources such as salaries and wages paid by employers, from capital investments, capital transfer, real estate transfer, prize-winning, copyright, and inheritance gifts. Regardless of Vietnamese or foreigners, depending on residence status, and income level, an individual may have to pay from 5% to 35% of the income earned… Among them, income from salary and wages is the most common and also has the most detailed regulations.

Personal income tax declaration, settlement, and payment are very important tasks for not only the employer but also the employees. 

AUTHORIZED PERSONAL INCOME TAX FINALIZATION

  • Employees are permitted to authorize income-paying organizations and individuals to finalize their personal income tax (PIT) income in the following cases:
  • Individuals only earn income from wage or salary, signs a labor contract for at least 03 months with an income-paying organization or individual, and in fact still works there when authorizing the finalization, even when he has not worked for the full 12 months in the year.
  • Individuals work under a more than 3 months labor contract, earn multiple incomes from different companies less than 10 million VND a month and 10% tax has been deducted.
  • Individuals, apart from the aforementioned income from salaries and wages, earn additional income from other places, income from leasing houses or land use right less than 20 million VND per month and already pay taxes.
  • Income-paying bodies, being organizations or individuals, should finalize their employees’ tax imposed on the income paid by that income-paying body only.

DIRECT PERSONAL INCOME TAX FINALIZATION

  • Individuals that earn incomes from salaries and wages paid by international organizations, embassies, consulates in Vietnam without tax deduction, shall submit personal income tax declaration and tax finalization by themselves on a quarterly basis.
  • Individuals that earn incomes from salaries and wages paid by income-paying bodies abroad shall submit tax finalization declaration by themselves on a quarterly basis.
  • Individual works under a more than 3 months labor contract, earn multiple incomes from different companies more than 10 million VND a month and 10% tax has been deducted.
  • The individual, apart from the aforementioned income from salaries and wages, earns additional income from other places, income from leasing houses or land use right more than 20 million VND per month and already pay taxes.
  • Taxable amount/tax rates of resident and non-resident are completely different. Fail to properly finalize PIT income will lead to serious fines from the tax department. To verify a proper method of personal income tax declaration (PIT) for expats and residents, or other procedures relating to tax services, please contact us for further consultancy.

ABOUT VIVA BUSINESS CONSULTING

VIVA is the local expertise for local business compliance procedures, has been trusted by thousands of foreign investors, multinational companies from Europe, Japan, Singapore, India, Korea, USA… for the required business compliance procedures by local laws and regulations since 2006.

Thanks for consistent of practice expertise in Business laws - Employment relations – Tax and accounting – Corporate finance – Corporate services, VIVA has been successfully providing service for thousands of leading companies in such industries: Garment, energy, pharma, advertising, agricultural…

VIVA keeps its signature by offering one-stop business platform with regard to market entry and the mandatory business compliances. We ensure for our client’s good standing, in lawful and optimal manners whenever they are working and doing business in Vietnam.

Thanks to a unique combination of local expertise and global experiences, VIVA BUSINESS CONSULTING is the one-stop solution for the required compliance procedures in Vietnam for foreign investors and experts. We are still here since 2006s because of our thousands of satisfied clients and our employees. Our staying power is a testament to the professional resources, and so much more.

 

VIVA not only manage business required procedures by laws but firstly places client’s compliance and good standing, in the optimal methods when offering any solution, and integrated with our intensive resources that allow us to prevent most of the risks in advance, create more benefits, advantages and business inspiration for entrepreneurs.

The insights and consistent backgrounds in Business Laws – Accounting and Corporate Finance – Tax Management – Labor Relations and Payroll – Serectarial and consistent with our exclusive standard operation processes, consisting of consultation – implementation – pratice operation help us fully protect client interests as one-stop solution.

YOU WILL RECEIVE

“If you ask any successful businessperson, they will always have had a great mentor at some point along the road.”

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