Is đá bóng trực tiếp year-end bonus subject to PIT in Vietnam?

Is đá bóng trực tiếp year-end bonus for 2024 subject to PIT in Vietnam?

Pursuant to point e, clause 2, Article 2 ofCircular 111/2013/TT-BTC, regulations are set out concerning bonuses, whether in cash or in kind, in any form, including those in đá bóng trực tiếp form of stocks, which are subject to personal income tax, except for đá bóng trực tiếp following bonuses:

- Bonuses accompanied by titles awarded by đá bóng trực tiếp State, including bonuses associated with emulation titles and forms of commendation according to legal provisions on emulation and commendation:

+ Bonuses that accompany emulation titles such as National Emulation Soldier; Ministry, sector, central body, provincial, city under central command Emulation Soldier; grassroots Emulation Soldier; Advanced Worker, Advanced Soldier.

+ Bonuses accompanying forms of commendation.

+ Bonuses accompanied by titles awarded by đá bóng trực tiếp State.

+ Bonuses related to prizes awarded by Associations or organizations under central and local political organizations, socio-political organizations, social organizations, socio-professional organizations that align with đá bóng trực tiếp organization's charter and legal provisions on emulation and commendation.

+ Bonuses accompanying đá bóng trực tiếp Ho Chi Minh Prize, đá bóng trực tiếp State Prize.

+ Bonuses accompanying Commemorative Medals, Badges.

+ Bonuses accompanied by Certificates of Merit or Commendations.

- Bonuses related to national prizes or international awards recognized by đá bóng trực tiếp Vietnamese State.

- Bonuses for technical innovations, inventions, and patents recognized by a State authority.

- Bonuses for reporting and exposing legal violations to competent State authorities.

Thus, đá bóng trực tiếp employee's year-end bonus is not excluded from taxation. Employees are required to pay personal income tax on đá bóng trực tiếp year-end bonus if their total year-end received income (including salary and year-end bonus) reaches đá bóng trực tiếp taxable threshold.

Is đá bóng trực tiếp year-end bonus subject to PIT in Vietnam? What type of income is exempt from PIT in 2024? (Image from đá bóng trực tiếp Internet)

What type of income is exempt from PIT in Vietnamin 2024?

According to Article 4 of đá bóng trực tiếpLaw on Personal Income Tax 2007, amended by clause 3, Article 2 of đá bóng trực tiếpLaw amending various tax laws 2014and modified by Clause 2, Article 1 of đá bóng trực tiếpLaw on Amendments to Law on Personal Income Tax 2012, which specifies đá bóng trực tiếp exempt personal incomes as follows:

- Income from đá bóng trực tiếp transfer of real estate between husband and wife; biological parents and biological children; adoptive parents and adopted children; parents-in-law and daughters-in-law; parents-in-law and sons-in-law; paternal grandparents and grandchildren; maternal grandparents and grandchildren; siblings.

- Income from đá bóng trực tiếp transfer of residential houses, land use rights, and assets attached to land in đá bóng trực tiếp case where đá bóng trực tiếp individual only possesses one property.

- Income from đá bóng trực tiếp value of land use rights allocated by đá bóng trực tiếp State to individuals.

- Income from inheritance or gifts being real estate between husband and wife; biological parents and biological children; adoptive parents and adopted children; parents-in-law and daughters-in-law; parents-in-law and sons-in-law; paternal grandparents and grandchildren; maternal grandparents and grandchildren; siblings.

- Income of households and individuals directly involved in agriculture, forestry, salt-making, aquaculture, and fisheries that have not been processed into other products or only subjected to basic processing.

- Income from đá bóng trực tiếp conversion of agricultural land allocated by đá bóng trực tiếp State to households and individuals for production.

- Income from interest on deposits at credit institutions, life insurance contracts.

- Income from remittances.

- đá bóng trực tiếp portion of night shift and overtime wages that is higher than đá bóng trực tiếp daytime or regular working hours according to legal stipulations.

- Retirement pensions paid by đá bóng trực tiếp Social Insurance Fund; retirement pensions paid monthly by voluntary pension funds.

- Income from scholarships, including:

+ Scholarships received from đá bóng trực tiếp state budget;

+ Scholarships received from domestic and foreign organizations based on their scholarship programs.

- Income from compensation for life insurance contracts, non-life insurance contracts, compensation for labor accidents, compensation by đá bóng trực tiếp state and other compensation as prescribed by law.

- Income from charitable funds established or recognized by competent state bodies that operate for charitable, humanitarian, non-profit purposes.

- Income from foreign aid used for charitable, humanitarian purposes in government and non-governmental forms approved by competent state agencies.

- Income from salaries and wages of Vietnamese sailors working for foreign shipping companies or Vietnamese shipping companies engaged in international transport.

- Income of individuals being ship owners, individuals allowed to use ships and individuals working on ships from providing goods and services directly serving offshore fishing activities.

What are regulations on PIT period in Vietnam?

According to Article 7 of đá bóng trực tiếpLaw on Personal Income Tax 2007, amended by clause 3, Article 1 of đá bóng trực tiếpLaw on Amendments to Law on Personal Income Tax 2012, đá bóng trực tiếp tax periods are defined as follows:

- đá bóng trực tiếp tax period for resident individuals is defined as:

+ Annual period applicable to income from business; income from salaries and wages.

+ Each occurrence of income generation applies to income from investment; income from capital transfer, excluding securities transfer; income from real estate transfer; winnings; royalties; franchising; inheritances; and gifts.

+ Every securities transfer or annually for income from securities transfer.

- đá bóng trực tiếp tax period for non-resident individuals is calculated for each occurrence of income generation applicable to all taxable income.