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MINISTRY
OF FINANCE
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SOCIALIST
REPUBLIC OF VIETNAM
Independence- Freedom- Happiness
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No.
160/2009/TT-BTC
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Hanoi,
August 12, 2009
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CIRCULAR
GUIDING
YEAR 2009 PERSONAL INCOME TAX EXEMPTION PURSUANT TO RESOLUTION 32/2009/QH12 OF THE
NATIONAL ASSEMBLY DATED 19 JUNE 2009
Pursuant to the Law on
Personal Income Tax dated 21 November 2007;
Pursuant to Article 4 of Resolution 32/2009/QH12 of the National Assembly dated
19 June 2009 on amendment of overall targets and economic and State budget
criteria, on additional issue of Government bonds in year 2009, and on year
2009 Personal Income Tax exemption;
Pursuant to the opinion and directions of the Prime Minister of the Government
set out in Official Letter 50048/VPCP-KTTH of the Government Office dated 27
July 2009 on guidelines for implementation of Resolution 32/2009/QH12 of the
National Assembly dated 19 June 2009 on Personal Income Tax ["Resolution
32"]:
The Ministry of Finance hereby provides the following guidelines on
Personal Income Tax exemption and reduction pursuant to Resolution 32:
Article 1. Taxpayers entitled
to Personal Income Tax exemption and the period of Personal Income Tax
exemption
1. Taxpayers entitled to
Personal Income Tax exemption from 1 January 2009 until the end of 31 December
2009 comprise resident individuals and non-resident individuals having income
from capital investments, from capital transfers (including transfers of
securities), from copyright and from franchises.
As from 1 January 2010 resident
individuals and non-resident individuals having income from capital
investments, from capital transfers (including transfers of securities), from
copyright and from franchises shall pay Personal Income Tax in accordance with
regulations.
2. Taxpayers entitled to
Personal Income Tax exemption from 1 January 2009 until the end of 30 June 2009
comprise resident individuals having income from business, from salary and
wages, from receipt of inheritances and from receipt of gifts.
As from 1 July 2009 resident
individuals having income from business, from salary and wages, from receipt of
inheritances and from receipt of gifts shall pay Personal Income Tax in
accordance with regulations.
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Income used as the basis for
determining the amount of exempt Personal Income Tax for taxpayers as guided in
article 1 of this Circular means Personal Income Tax taxable income deferred in
the first 6 months of year 2009 and Personal Income Tax taxable income accrued2
within the period of entitlement to Personal Income Tax exemption; and
specifically applicable to each type of income as follows:
1. Applicable to income from
business:
1.1. In the case of a business
individual complying with the accounting regime on invoices and source
documents, accounting for turnover and expenses and paying tax in accordance
with his or her declaration: income used as the basis for determining the amount
of exempt Personal Income Tax means taxable income corresponding to turnover
and expenses accrued within the first 6 months of year 2009.
In the case of a business
individual unable to accurately determine taxable income accrued within the
first 6 months of year 2009, taxable income used as the basis for determining
the amount of exempt Personal Income Tax shall be fixed as follows:
- In the case of an individual
conducting business for the full twelve months of Year 2009: Equal to fifty per
cent (50%) of Personal Income Tax taxable income for the whole of year 2009.
- In the case of an individual
conducting business for less than the full twelve months of Year 2009:
(Taxable income to be used as
the basis for determining the amount of exempt Personal Income Tax) =
[(Turnover from actual business in the first 6 months of year 2009) divided by
(Turnover from business in the whole of year 2009)] x (Taxable income for the
whole of year 2009).
1.2. In the case of a business
individual only accounting for business turnover and not for expenses and
paying tax in accordance with his or her declaration: income used as the basis
for determining the amount of exempt Personal Income Tax shall be income fixed
on the basis of turnover accrued within the first 6 months of year 2009, and
the fixed rate of taxable income.
1.3. In the case of a business
individual paying tax on the basis of a fixed level of turnover, the amount of
exempt tax shall be the amount of tax payable on such fixed level for the first
6 months of year 2009 as stipulated by the tax office in its tax notice.
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2. Applicable to income from
salary and wages:
Income from salary and wages
used as the basis for determining the amount of exempt Personal Income Tax
shall be taxable income from salary and wages which the employer must pay to
the individual within the first 6 months of year 2009, irrespective of the time
it is paid, and specifically as follows:
2.1. If the income-paying entity
has fully paid all income from salary and wages from January up until the end
of June 2009 (the first 6 months of year 2009) to the employee (pursuant to a
contract or a decision on wages) within the period of entitlement to Personal
Income Tax exemption as guided in article 1.2 of this Circular, then income
used as the basis for determining the amount of exempt Personal Income Tax
shall be the income actually paid.
2.2. If the income-paying entity
has already accounted for its expenses or issued a decision on wages for the
first 6 months of year 2009 pursuant to a labour contract, but actually pays
such salary and wages to the employee outside the period of entitlement to
Personal Income Tax exemption as guided in article 1.2 of this Circular, then
this shall still be exempt income. The deadline for actually paying salary and
2.3. In the case of monetary
bonuses for the whole of year 2009 (such as an annual bonus, or the thirteenth
month Tet bonus and so forth), the income used as the basis for determining the
amount of xempt Personal Income Tax shall be fifty per cent (50%) of such
monetary bonus. The deadline for actually paying monetary bonuses for the whole
of year 2009 in order for them to qualify as exempt income shall be 31 March
2010.
For example: In year 2009 Mr. A
was awarded a monetary bonus of 10 million dong; accordingly Mr. A is entitled
to Personal Income Tax exemption on income of 5 million dong (equal to 50% of
the amount of the bonus for the whole year).
2.4. In the case of quarterly
monetary bonuses, tax exempt income shall be the amount of the monetary bonus
for the first quarter and for the second quarter of year 2009 pursuant to a
decision of the head of the income-paying entity. The deadline for actually
paying monetary bonuses for the first and second quarters of year 2009 in order
for them to qualify as exempt income shall be 31 December 2009.
For example: In August 2009 Mr.
B was awarded a bonus for work performance in the second quarter of year 2009
pursuant to a decision of the income-paying entity. Accordingly Mr. B is
entitled to Personal Income Tax exemption on the total amount of income being
the monetary bonus for such quarter.
2.5. In the case of other income
items such as cash for holidays and summer vacations, cash for uniforms and
other benefits, income entitled to Personal Income Tax exemption shall be the
part of income actually paid within the period of entitlement to Personal
Income Tax exemption as guided in article 1.2 of this Circular.
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3. Applicable to income from
capital investments:
Income used as the basis for
determining the amount of exempt Personal Income Tax shall be income receivable
from capital investment activities of year 2009, and specifically as follows:
- In the case of dividends receivable
from share capital contribution, it shall be the dividends distributed in
accordance with law within year 2009.
- In the case of interest [of
the lender] on loans provided, it shall be the amount of monetary interest
actually received in year 2009 as consistent with the interest rate stipulated
in the loan contract.
If an individual receives income
in advance for a number of years, then the amount of income corresponding to
year 2009 shall be Personal Income Tax exempt.
- In the case of income receivable
being increased value of a capital contribution portion [to an enterprise] upon
dissolution, conversion of operational model, merger or consolidation of the
enterprise or upon withdrawal of capital, it shall be the increased portion of
the value of the capital contribution share receivable as compared to the
original capital. The point of time for determining exempt income shall be the
time when the income-paying entity or the individual concerned completes legal
procedures for ascertaining the value of the capital contribution portion
receivable, consistent with the period of entitlement to Personal Income Tax
exemption as guided in article 1.1 of this Circular.
4. In the case of income
from capital transfers (including transfers of securities), income used as the
basis for determining the amount of exempt Personal Income Tax shall be the
monetary amount receivable by an individual from transactions being capital
transfers completed in accordance with the guidelines in clause 2 of section II
of Part B of Circular 84, consistent with the period of entitlement to Personal
Income Tax exemption as guided in article 1.1 of this Circular.
5. In the case of income
from copyright and commercial franchises, income used as the basis for
determining the amount of exempt Personal Income Tax shall be the monetary
amount paid pursuant to the contract, consistent with the period of entitlement
to Personal Income Tax exemption as guided in article 1.1 of this Circular.
If an individual receives income
in advance for a number of years, then only the amount of income corresponding
to year 2009 shall be Personal Income Tax exempt.
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7. If any of the income
items eligible for Personal Income Tax exemption as guided in article 1.1 of
this Circular are paid after year 2009, then the deadline for actually paying
income in order for it to qualify as exempt income shall be 30 June 2010, and
income paid after this deadline shall not be Personal Income Tax exempt.
Article 3. Tax declaration
and finalization of year 2009 Personal Income Tax
1. Applicable to
income-paying entities:
1.1. Monthly tax declarations:
Income-paying entities need not declare any of the income items eligible for
Personal Income Tax exemption as guided in article 1.2 of this Circular if they
are paid after 1 July 2009. They need only provide in their declarations
details of non-exempt income and tax amounts withheld each month from such
non-exempt income.
1.2. Tax finalization:
Income-paying entities need not
conduct tax declaration and finalization of any of the income items eligible
for Personal Income Tax exemption or of the amount of exempt tax of exempt
taxpayers as guided in article 1 of this Circular, and specifically as follows:
- Income-paying entities which
pay out income from capital investments, from capital transfers, from copyright
and from franchises need not conduct tax declaration and finalization.
- Income-paying entities which
pay out income from salary and wages need not conduct tax finalization of
income which is exempt in the first 6 months of year 2009, but only need
conduct tax declaration and finalization of income and of tax amounts withheld
[and] which accrued from 1 July 2009 up to 31 December 2009.
For example: In 2009 Company C
pays a total of one billion VND salary and wages to employees of the company,
of which 400 million is income eligible for Personal Income Tax exemption. For
year 2009 Company C only need conduct Personal Income Tax declaration and
finalization of income on which tax is payable, namely 600 million dong.
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2. Applicable to resident
individuals having income from salary and wages [and/or] income from business:
2.1. Resident individuals having
income from salary and wages [and/or] income from business must conduct
Personal Income Tax finalization in the following cases:
- The amount of tax payable in
the last six months of 2009 is greater than the amount already withheld;
- The taxpayer requests a tax
refund or an offset of tax in the following period.
2.2. The following deductions
shall be included when conducting Personal Income Tax finalization:
- Fifty per cent (50%) of the
total amount of the following items actually paid may be deducted: social
insurance and medical insurance premiums, compulsory professional indemnity
insurance premiums, and insurance premiums paid on one occasion for the whole
year. With respect to insurance premiums which are paid monthly, items actually
paid in the last six months of 2009 may be deducted.
- Deductions for actual family
dependants within the last six months of 2009 may be deducted as follows:
+ A taxpayer with income may
make deductions for himself or herself at 24 million dong (6 months x 4 million
dong per month).
+ Deductions for dependants may
be made in accordance with the number of dependants, the number of months for which
thy are dependant, and the amount deductible for each person per month (1.6
million dong/person/month).
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2.3. Individuals shall use the
standard forms issued with Circular 84 to conduct Personal Income Tax
finalization, and must clearly record the following in their declarations:
- The tax assessment period as 1
July 2009 to 31 December 2009.
- Items relevant to
determination of turnover (for business individuals) and to income, deductions
and so forth must correspond with the tax assessment period of 1 July 2009 to
31 December 2009.
Article 4. Organization of
implementation
1. This Circular shall be
of full force and effect after forty-five (45) days from the date of its
signing. If prior to the date of promulgation of this Circular, income-paying
entities resolved matters with taxpayers differently from the way guided in
this Circular, then they must carry out the following:
- Income-paying entities which
have already withheld items which are in fact tax exempt, must reimburse the
sums withheld to the taxpayers.
- Individuals who have already
paid tax on items which are in fact exempt, shall be granted a tax refund or an
offset of tax in the following period.
2. Income-paying entities
which pay out tax exempt income after 30 June 2009 (on exempt income accrued in
the first 6 months of year 2009) or after 31 December 2009 (on tax exempt
income accrued for the whole of year 2009) shall be responsible to make
accurate assessments of what is tax exempt income, and to keep evidence of same
and present it on request to the tax office. Any breaches shall be dealt with
as tax fraud pursuant to the Law on Tax Management.
3. Resident individuals
and non-resident individuals having income not entitled to Personal Income Tax
exemption as guided in article 1 of this Circular must pay Personal Income Tax
in accordance with the Law on Personal Income Tax.
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FOR
THE MINISTER OF FINANCE
DEPUTY MINISTER
Do Hoang Anh Tuan