Updates on Personal Income Tax Out
Jan. 18 – The Ministry of Finance has released a circular providing more instructions on the implementation of the new personal income tax (PIT).
Following the circular, employers or withholding organizations will be allowed to conduct PIT finalization for its employees through a single PIT return that enumerates all income paid to its employees as well as associated annual taxes. A person that gains income from other sources like other employers or business income are still required to submit a separate PIT final return that details all income.
PIT return submissions are temporarily suspended this month pending further guidance from the General Department of Taxation. There will be no change to last year’s initial dependent registration and no annual re-registration needed for this year onwards.
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