Want to be in the loop?
subscribe to
our notification
Business News
PERSONAL INCOME TAX (PIT) – ANNUAL PIT SETTLEMENT KEY NOTES
Personal income tax declaration, settlement and payment are very important tasks for not only the employer but also the employee, especially when a foreign employee is recruited and working in Vietnam. We would like to remind you some key notes for your annual personal income tax settlement of as follows.
WHO SHOULD DIRECTLY DECLARE ANNUAL PERSONAL INCOME TAX (PIT) AT TAX AUTHORITIES?
• Some of your staff may not joint your company full 12 months of 2020 or have more incomes from wages /salary from other companies. In this case, these staff cannot request income payer to settle tax on their behalf but directly declare tax at tax authorities.
• To make the declaration, they must prepare a letter of income confirmation from previous income payer + certificate of tax withheld at source on the incomes (withheld receipt).
• Based on current income from your company and other incomes with the withheld receipts, they should prepare the annual personal income tax settlement sheet and declare directly to tax department. This task is not employer’s obligation but personal matter of every staff (it means, the annual final settlement sheets of company will not including their sheets). If your staffs have no time to manage the procedure, VIVA BCS can do on behalf.
WHO WILL PAY TAX ON THE PROGRESSIVE METHOD OR APPLYING THE FIXED RATE?
• To verify a proper method of annual personal income tax (PIT) declaration for expats, please prepare a full pages to copy of your passport + Labor contract / appointment letter / tax withheld receipts.
• Upon you are resident or non-resident, you should declare and settlement of annual personal income tax (PIT) for the incomes inside Vietnam or either global income. Taxable amount / tax rates of resident and none resident are completely different. Fail to apply properly declaration of PIT will lead to serious fines from tax department in the coming years.
• Our team will support you to manage standard employee profiles / legal requirement records as well as compliance reports / declaration. We wish to go your files right thing in the first time, clean and clear today and for the next 3 or 5 years.
TAXABLE AND NON TAXABLE INCOMES
• Some incomes and benefit are none taxable, so you can optimize the payable amount in a lawful way
• Some benefit is taxable, so you should be careful to avoid tax recollect and fined.
Related News
![Card image cap](/uploads/news/Eco2.jpg)
GOV’T UNVEILS ACTION PLAN TO ACCELERATE INDUSTRIALISATION
Vietnam aspires to become among the top three industrial powerhouses in ASEAN, with the industrial sector contributing over 40 per cent to GDP. The manufacturing and processing sector is expected to account for around 30 per cent of GDP, with a strong emphasis on high-tech products aiming for over 45 per cent of the sector's value. To further drive the economy, the service sector is projected to contribute over 50 per cent to GDP, with tourism alone generating 14-15 per cent.
![Card image cap](/uploads/news/economic.jpg)
VIETNAM’S H1 ECONOMIC GROWTH QUITE IMPRESSIVE: ADB COUNTRY DIRECTOR
Country Director of the Asian Development Bank (ADB) for Vietnam Shantanu Chakraborty has expressed his impression of the Southeast Asian nation’s economic growth of 6.4 per cent in the first half of this year. The growth was mainly driven by strong trade recovery, where export grew by 14.5 per cent and import by 17 per cent over last year, he told the Vietnam News Agency. However, he said, the domestic segment remained sluggish.
![Card image cap](/uploads/news/Infrastructure13.jpg)
REAL ESTATE FIRMS AGGRESSIVELY RESTRUCTURING BOND DEBT
From the start of 2024 to July 5, the market saw 133 private placements and ten bond public offerings, totalling over VNĐ140 trillion. 65.6 per cent of this value was from the banking sector, while real estate bonds accounted for only 24.6 per cent, or over VNĐ34.5 trillion.
![Card image cap](/uploads/Logo/Cathay%20%281%29.jpg)
ONE-TIME OFFER: COMPLEMENTARY CATHAY PACIFIC LOUNGE PASS
Begin your trip on the right note in Cathay Pacific’s first-ever ferry lounge, located at Shenzhen’s Shekou Cruise home port. Situated at the end of the pier, the ferry lounge offers a breathtaking 270-degree view of the sea. You can immerse yourself in sheer luxury and revel in the panoramic beauty. Catch a glimpse of Hong Kong in the distance.
![Card image cap](/uploads/news/Industrial%20Zone.jpg)
VIỆT NAM TARGETS FULL MOBILE BROADBAND COVERAGE ON HIGHWAYS, INDUSTRIAL ZONES BY 2025
By 2025, Việt Nam aims to achieve one hundred per cent mobile broadband coverage on all national highways, expressways and railways under a plan to enhance the quality of Việt Nam’s mobile telecommunications network by 2025, which has been approved by the Ministry of Information and Communications (MIC).
![Card image cap](/uploads/news/Investment6.jpg)
VIETNAM ONE OF FASTEST-GROWING E-COMMERCE MARKETS IN SOUTHEAST ASIA
The report released on July 16 highlighted that the total GMV of Southeast Asia’s eight leading e-commerce platforms rose to $114.6 billion in 2023, up 15 per cent from 2022. The key drivers for the region's e-commerce GMV expansion in 2023 are Vietnam and Thailand, growing 52.9 per cent and 34.1 per cent on-year, respectively.