How much is the revenue subject to PIT trực tiếp bóng đá hôm nay euro an individual business in Vietnam?
What doesincomefrom businesssubject to PIT in 2024 in Vietnam include?
According to Clause 1 Article 2Circular No. 111/2013/TT-BTC, the incomes from business are incomes earned from production and sale. To be specific:
(1) Incomes from production and sale trực tiếp bóng đá hôm nay euro goods and services that belong to all industries such as: production, goods sale, construction, construction, restaurants, service provision including lease trực tiếp bóng đá hôm nay euro houses, right to use land, water surface, and other property.
(2) Incomes from freelance works trực tiếp bóng đá hôm nay euro individuals in the fields that are licensed or certificated as prescribed by law.
(3) Incomes from agriculture, forestry, salt production, and fishery that are not eligible for tax exemption according to Point e Clause 1 Article 3 trực tiếp bóng đá hôm nay euroCircular No. 111/2013/TT-BTC.
How much is the revenue subject to PIT trực tiếp bóng đá hôm nay euro an individual business in Vietnam? (Image from the Internet)
How much is the revenue subject to PIT trực tiếp bóng đá hôm nay euro an individual business in Vietnam?
According to Article 4Circular No. 40/2021/TT-BTC, the tax calculation rules are regulated as follows:
Tax calculation rules
1. Rules for calculating tax payable by household businesses and individual businesses shall comply with applicable regulations trực tiếp bóng đá hôm nay euro law on VAT, TIN and relevant legislative documents.
2. A household business or individual business whose revenue from business operation in the calendar year is not exceeding 100 million VND shall not be required to pay VAT and PIT as prescribed by VAT and PIT laws. Household businesses and individual businesses shall declare tax truthfully and accurately; submit tax documents punctually; take legal responsibility for the accuracy, truthfulness and adequacy trực tiếp bóng đá hôm nay euro the tax documents submitted.
3. For household businesses and individual businesses in the form trực tiếp bóng đá hôm nay euro groups trực tiếp bóng đá hôm nay euro individuals or households, the revenue trực tiếp bóng đá hôm nay euro not exceeding 100 million VND/year as the basis for exemption from VAT and PIT shall be determined for 01 representative trực tiếp bóng đá hôm nay euro the group trực tiếp bóng đá hôm nay euro individuals trực tiếp bóng đá hôm nay euro household in the tax year.
Thus, a household or individual business whose revenue from business operations in the calendar year exceeds100 million VND shall be required to payPIT.
What isthe basis for calculating tax payable by individual businesses in Vietnam?
According to Article 10Circular No. 40/2021/TT-BTC, the basis for calculation trực tiếp bóng đá hôm nay euro tax payable by household businesses and individual businesses shall be taxable revenue and tax rates.
(1) Taxable revenue
Revenue subject to VAT and revenue subject to PIT earned by household businesses and individual businesses are revenue inclusive trực tiếp bóng đá hôm nay euro tax (if subject to tax) from sale trực tiếp bóng đá hôm nay euro goods, processing payment, commissions, payment for provision trực tiếp bóng đá hôm nay euro services earned during the tax period from manufacture, sale trực tiếp bóng đá hôm nay euro goods, provision trực tiếp bóng đá hôm nay euro services, including bonuses, sales compensation, promotions, commercial discounts, payment discounts, assistance in cash or not in cash; subsidies, surcharges, extra fees to which they are entitled; compensations for breach trực tiếp bóng đá hôm nay euro contract, other compensations (only included in revenue subject to PIT); other revenues earned by household and individual businesses whether they are collected in reality.
(2) Tax rates
- Tax rates include VAT rates and PIT rates which vary according to business lines as specified in Appendix I trực tiếp bóng đá hôm nay euroCircular No. 40/2021/TT-BTC.
- A household business or individual business that does business in multiple business lines shall declare and calculate tax at the tax rates that apply to each business line. In case a household business or individual business that fails to determine or correctly determine the taxable revenue earned from each business line, the tax authority shall impose the taxable revenue earned from each business lines in accordance with tax administration laws.
(3) Determination trực tiếp bóng đá hôm nay euro tax payable
VAT payable = Revenue subject to VAT x VAT rate
PIT payable = Revenue subject to PIT x PIT rate
Where:
+ Revenue subject to VAT and revenue subject to PIT shall be calculated as instructed in Clause 1 trực tiếp bóng đá hôm nay euro this Article.
+ VAT rates and PIT rates are specified in Appendix IofCircular No. 40/2021/TT-BTC.
