Is kết quả bóng đá trực tiếp overtime pay subject to personal income tax in Vietnam?

Is kết quả bóng đá trực tiếp overtime pay subject topersonal income tax in Vietnam?

Currently, kết quả bóng đá trực tiếp law does not provide a specific definition of overtime, yet it is understood as working beyond kết quả bóng đá trực tiếp regular working hours.

Based on Article 107 of kết quả bóng đá trực tiếpLabor Code 2019kết quả bóng đá trực tiếp provisions are as follows:

Overtime Work

1. Overtime is kết quả bóng đá trực tiếp period of work performed beyond kết quả bóng đá trực tiếp regular working hours as prescribed by law, collective bargaining agreement, or labor regulations.

2. Employers are allowed to employ workers for overtime when kết quả bóng đá trực tiếp following conditions are fully met:

a) Consent from kết quả bóng đá trực tiếp worker must be obtained;

b) Ensure that kết quả bóng đá trực tiếp worker's overtime does not exceed 50% of kết quả bóng đá trực tiếp regular working hours in one day; in cases applying kết quả bóng đá trực tiếp weekly work time regulation, kết quả bóng đá trực tiếp total regular and overtime hours must not exceed 12 hours in a day; not exceeding 40 hours in a month;

c) Ensure that a worker's overtime does not exceed 200 hours in a year, except in cases specified in Clause 3 of this Article.

3. Employers may employ workers for up to 300 hours of overtime in a year for certain industries, trades, tasks, or specific cases:

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According to Point i, Clause 1, Article 3 ofCircular 111/2013/TT-BTC, kết quả bóng đá trực tiếp regulations are as follows:

Income Exempted from Tax

1. Based on kết quả bóng đá trực tiếp provisions of Article 4 of kết quả bóng đá trực tiếp Personal Income Tax Law, Article 4 of Decree No. 65/2013/ND-CP, income exempted from tax includes:

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i) Income from night work wages and overtime wages paid that exceed kết quả bóng đá trực tiếp day work wages as prescribed by kết quả bóng đá trực tiếp Labor Code. Specifically:

i.1) kết quả bóng đá trực tiếp portion of wages and salaries paid higher for night work and overtime is exempted from tax based on kết quả bóng đá trực tiếp actual paid wages and salaries due to night work or overtime minus (-) kết quả bóng đá trực tiếp wages and salaries calculated according to regular working hours.

Example 2: Mr. A has a regular working hour wage as per kết quả bóng đá trực tiếp Labor Code of 40,000 VND/hour.

- If an individual works overtime on regular days and is paid 60,000 VND/hour, kết quả bóng đá trực tiếp exempted income is:

60,000 VND/hour – 40,000 VND/hour = 20,000 VND/hour

- If an individual works overtime on holidays or days off and is paid 80,000 VND/hour, kết quả bóng đá trực tiếp exempted income is:

80,000 VND/hour – 40,000 VND/hour = 40,000 VND/hour

i.2) Organizations and individuals paying income must prepare a schedule reflecting clearly kết quả bóng đá trực tiếp night work time, overtime, and additional pay for night work, overtime that have been paid to employees. This schedule must be retained at kết quả bóng đá trực tiếp income-paying unit and presented when required by kết quả bóng đá trực tiếp tax authority.

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According to kết quả bóng đá trực tiếp regulations, income from night and overtime work wages paid in excess of day work wages, as stipulated by kết quả bóng đá trực tiếpBộ luật xem bóng, is income exempt from personal income tax.

Thus, it can be understood that overtime pay is exempt from personal income tax, but it is not fully exempted; only kết quả bóng đá trực tiếp portion of income that is paid in excess of kết quả bóng đá trực tiếp regular working hour wage is exempt.

Is kết quả bóng đá trực tiếp overtime pay subject to personal income tax in Vietnam?(Image from kết quả bóng đá trực tiếp Internet)

What salary requires personal income tax payment in Vietnam?

Based on Article 19 of kết quả bóng đá trực tiếpPersonal Income Tax Law 2007(amended by Clause 4, Article 1 of kết quả bóng đá trực tiếpAmended Personal Income Tax Law 2012, Article 1 ofResolution 954/2020/UBTVQH14, and related provisions on tax determination for business individuals specified in this Article, annulled by Clause 4, Article 6 of kết quả bóng đá trực tiếpAmended Laws on Taxation 2014) regulations on family deduction are as follows:

Family Deduction

1. Family deduction is kết quả bóng đá trực tiếp amount deducted from taxable income before calculating tax on income from business, wages, salaries of taxpayers who are residents. Family deduction consists of kết quả bóng đá trực tiếp following two parts:

a. kết quả bóng đá trực tiếp deduction for taxpayers is 11 million VND/month (132 million VND/year);

b. kết quả bóng đá trực tiếp deduction for each dependant is 4.4 million VND/month.

If kết quả bóng đá trực tiếp Consumer Price Index (CPI) fluctuates by more than 20% compared to kết quả bóng đá trực tiếp time kết quả bóng đá trực tiếp Law takes effect or kết quả bóng đá trực tiếp most recent adjusted family deduction, kết quả bóng đá trực tiếp Government of Vietnam shall report to kết quả bóng đá trực tiếp Standing Committee of kết quả bóng đá trực tiếp National Assembly to adjust kết quả bóng đá trực tiếp family deduction in accordance with price fluctuations for application in kết quả bóng đá trực tiếp next tax period.

2. Determination of kết quả bóng đá trực tiếp family deduction for dependants is carried out on kết quả bóng đá trực tiếp principle that each dependant is only deducted once from one taxpayer.

3. A dependant is a person whom kết quả bóng đá trực tiếp taxpayer is responsible for supporting, including:

a) Minor children; disabled children, unable to work;

b) Individuals without income or with income not exceeding kết quả bóng đá trực tiếp prescribed level, including adult children studying at universities, colleges, secondary profession, or vocational training; spouse unable to work; parents beyond working age or unable to work; other unsupported persons whom kết quả bóng đá trực tiếp taxpayer must directly nurture.

kết quả bóng đá trực tiếp Government of Vietnam shall prescribe kết quả bóng đá trực tiếp income level, declaration to determine eligible dependants for family deduction.

Thus, currently, personal income tax must be paid by individuals with a salary over 11 million VND/month (132 million VND/year) if they have no dependants.

If a worker has one dependant, kết quả bóng đá trực tiếp salary must be over 15.4 million VND/month. Accordingly, for each dependant, kết quả bóng đá trực tiếp employee is further deducted 4.4 million VND/month.

What is kết quả bóng đá trực tiếp latest 2024 personal income tax reduction application form in Vietnam?

kết quả bóng đá trực tiếp latest 2024 personal income tax reduction application form is used according to Form 01/MGTH issued withCircular 80/2021/TT-BTCas follows:

Latest 2024 Personal Income Tax Reduction Application FormDownload