Personal income tax finalization service 2024
In 2024, individuals with income from salaries and wages in 2023 must make personal income tax finalization according to the provisions of Vietnam Tax Law. According to Clause 2, Article 44 of the Law on Tax Administration 2019, regulations on the deadline for submitting tax declarations for taxes with annual tax periods. Thus, in 2024, the deadline for personal income tax finalization is the deadline to declare tax finalization dossiers for individuals with income from salaries or wages to directly finalize personal income tax with the tax authority of the year.
With more than 17 years of experience in the field of legal consulting in general and personal income tax law in particular, Smart Solutions For Business Company Limited (S4B Vietnam) is always a reliable unit to be personally authorized to carry out personal income tax finalization procedures for 2024. Contact us to receive great incentives for the new year of Giap Thin 2024.
According to Vietnamese tax laws, every year individuals with taxable income from salaries and wages must make personal income tax finalization. Individuals can make their own settlement or authorize an organization to make settlement on their behalf. In order to support and accompany organizations and individuals, Smart Solutions For Business Company Limited(S4B Vietnam) advises and guides personal tax finalization procedures as follows:
1. Subjects must finalize personal income tax
- Resident individuals with income from salaries and wages are responsible for declaring tax finalization if there is additional tax to be paid.
- Individuals with overpaid tax amounts can request a refund or offset in the next tax declaration period.
- Resident individuals with income from salaries and wages are eligible for tax reduction consideration due to natural disasters, fires, accidents, and serious diseases.
- Resident individuals who are foreigners and end their working contracts in Vietnam must declare tax finalization with the tax authority before leaving the country.
2. Deadline for submitting personal income tax finalization documents
- Individuals with tax amounts that must pay an additional deadline for submitting 2023 tax finalization documents are no later than March 30, 2024.
- Individuals who have overpaid tax and request a tax refund or tax offset in the next tax declaration period can submit their application at any time from the end of the tax year. Accordingly, for this subject, payment can be made after March 30, 2024 without penalty.
Deadlines for submission of personal income tax declaration dossiers in Vietnam 2023
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3. Conditions for an individual to be authorized to finalize personal income tax for an organization for a tax agent
Individuals who only have income from salaries or wages must sign a labor contract of 3 months or more with an income-paying organization and must actually be working at that organization at the time of authorization for tax finalization. This includes cases where an individual works for less than 12 months in a year at an organization and, at the same time, has current income elsewhere in the year with an average monthly income of no more than 10 million VND. In such cases, the income-paying unit must fully deduct 10% tax without requiring tax finalization for this income.
In the event that the income-paying organization undergoes business reorganization (such as division, split, merger, or conversion) and employees are transferred from the old organization to the new organization formed after the reorganization, if during the year the employee does not have additional income from salary or wages elsewhere, they will be authorized to settle the tax for the new organization. The new organization must collect the documents, deduct personal income tax granted by the former organization to the employee to summarize income, deducted tax amount, and manage personal income tax on behalf of the employee.
In cases of transferring employees between organizations within the same system, such as a Group, Corporation, Parent-Subsidiary Company, Head Office, and Branch, the same principle of QTT authorization applies as in the case of business reorganization.
Update knowledge of tax procedure service practice in 2024 in Vietnam
4. Submit tax finalization documents
- If an individual has income from salary or wage that directly declares tax during the year, the place to submit the tax finalization dossier is the tax agency where the individual submits the tax declaration dossier during the year.
- Individuals who are calculating family deductions for themselves at any income-paying organization must submit tax finalization documents to the tax agency directly managing that income-paying organization.
- In case an individual changes his/her workplace and the organization that pays the final income with family deductions for himself/herself, submit the tax finalization dossier to the tax agency managing the organization that pays the final income.
S4B Vietnam
- Address: Unit 701B-701C, Tower A, Handi Resco, 521 Kim Ma Street, Ba Dinh District, Hanoi, Vietnam
- Tel: + 84 24 3974 4181
- Email: service@s4b.com.vn
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