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Circular amending, supplementing Circular guiding the implementation of the Law on Personal Income Tax (“PIT”)

On August 04th, 2011, the Ministry of Finance issued Circular No. 113/2011/TT-BTC amending, supplementing Circular No. 62/2009/TT-BTC dated March 27th, 2009, Circular No. 02/2010/TT-BTC dated January 11th, 2010 and Circular No. 12/2011/TT-BTC January 26th, 2011. Accordingly, the Circular shall amend regulations on PIT first withholding; PIT determination for individuals who transfer land use right, house and apartment ownership; PIT determination for individuals who transfer house land lot, contribute capital to have the right to buy house, apartment. In which, regulations on PIT first withholding shall be the most notice-worthy. Specifically as follows:


- Organizations, individuals paying agent commission for goods sale; salaries, wages, other service fees and other fees to individuals from VND 1,000,000/payment upward (instead of VND 500,000/payment as current) shall withhold for PIT.


- The withholding rate shall be 10% of the total income paid to individuals with personal tax code and 20% paid to individuals without personal tax code, except cases regulated by the Ministry of Finance for specific withholding rates such as insurance agent commission, lottery agent commission).


- In case individuals have only one source of income which is subject to tax withholding at the rate as regulated above, but estimated total income after family defendant deduction is lower than the minimum taxable income, they shall submit written commitments to organizations which pay the income for not temporarily withholding PIT.


- Organizations, individuals employing laborers under seasonal contracts with the term between over 03 months and under 12 months, the above withholding rate shall not be applied. The temporary tax withholding will be made on monthly income in accordance with the Partially Progress Tariff.


This Decree shall come into force from September 19th, 2011.


Remark: File attached.