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PERSONAL INCOME TAX 2023 FOR
FOREIGN INVESTORS – MANAGERS – EXPERTS IN VIETNAM

PERSONAL INCOME TAX 2023 FOR
FOREIGN INVESTORS – MANAGERS – EXPERTS 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 incomex tax services by VIVA

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.

NOTES ON ANNUAL PERSONAL INCOME TAX SETTLEMENTS  –  2023

Who should directly declare and do annual tax settlements to the tax authority?

In Vietnam, the deadline for submitting annual tax finalization documents is the last day of the 3rd month from the end of the calendar year or fiscal year.

  1. Expats who work under contracts for more than 3 months in one place and have income in another place with an average monthly income of over 10 million/year even though 10% has been deducted.
  2. Resident individuals have income from salaries and wages paid by organizations and individuals from abroad.
  3. Resident individuals have income from salaries and wages paid by international organizations, Embassies, and Consulates in Vietnam but have not yet made tax deductions and declared taxes directly to tax authorities.

Global tax incomes from wages and remunerations of expats who are resident in Vietnam?

Upon resident or non-resident status in Vietnam in a calendar year, an expat should declare settlements of PIT for the incomes inside Vietnam or global incomes. Taxable amount / tax rates for resident and non-resident are completely different: 

  1. In case an expat is resident in Vietnam, he or she shall declare global income and pay personal income tax with progressive tax rates from 5% to 35%
  2. In case an expat is non-resident in Vietnam, he or she just pays 20% personal income tax for what they earned in Vietnam. 
  3. To avoid special inspection on global incomes in Vietnam and any income from countries that have tax agreements with Vietnam, the foreign experts who are working in Vietnam  shall declare reasonable global incomes, which must be fair with the positions, working histories, GDP of expats’ nations, reputation and actual business result of the employers…

Other tax incomes of investors – managers – experts in Vietnam?

  1. Tax on capital transfer.
  2. Tax on capital investment.
  3. Tax on real estate transfer.
  4. Tax on winning prizes.
  5. Tax on copyright.
  6. Tax on franchising.
  7. Tax on inheritance.
  8. Tax on receipt of gifts.

NOTES ON THE REQUIRED COMPLIANCES 

  1. Investment visa, Business visa… 
  2. Work permits | Labor contracts | Employee profile according to local labor laws.
  3. Temporary resident card.
  4. Compulsory insurance.
  5. Driving license.
  6. Exclusive advice for the Chief of the representative office and Legal representative in Vietnam.
  7. Update the latest local regulations and practice solutions to protect and optimize your interests. 

 

Foreign experts who are working in Vietnam under titles such as managers, investors, legal representative, chief of representative offices shall be complied with the local laws and regulations to avoid and prevent violations in advance, keep their good standing in optimal manners whenever they are working and doing business in Vietnam.

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.

 

VIVA không chỉ cung cấp dịch vụ thực thi các thủ tục tuân thủ trong kinh doanh mà đặt sự an toàn, tối ưu của khách hàng làm trọng tâm khi thiết kế các giải pháp, đa dạng các nguồn lực nhằm giải quyết triệt để các rủi ro tiềm tàng, giúp mang lại lợi ích, lợi thế cạnh tranh và cảm hứng kinh doanh cho khách hàng.

Trên nền tảng chuyên môn sâu rộng và đồng bộ về Luật kinh doanh – Quản lý thuế – Quản lý quan hệ lao động – Tài chính kế toán – Quản trị doanh nghiệp, kết hợp với qui trình làm việc khép kín từ tư vấn, triển khai, bàn giao, hỗ trợ vận hành giúp chúng tôi có khả năng bảo vệ và đảm bảo cho khách hàng theo cách toàn diện.

BẠN SẼ NHẬN ĐƯỢC

“Nếu bạn hỏi bất kỳ doanh nhân thành công nào, họ sẽ luôn luôn nói rằng họ đã có một cố vấn tuyệt vời tại một số nơi trên hành trình đã chọn”.

 

 

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