PROFESSIONAL AND REPUTABLE PERSONAL INCOME TAX FINALIZATION SERVICE FOR FOREIGNERS

Customers who are foreigners doing business in Vietnam or are using foreign employees who are subject to tax in Vietnam, in order to save time and costs, especially avoid unnecessary risks in personal income tax (PIT) finalization for foreigners in Vietnam.

TASCO’S PIT FINALIZATION SERVICE FOR FOREIGNERS IN VIETNAM will be your optimal choice.

❗ According to the latest statistics of the Ministry of Labor, War Invalids and Social Affairs, as of early April 2021, there are 101,550 foreign workers working in Vietnam, of which workers holding managerial positions account for nearly 12%, executives are more than 8% and most are professionals with 58%. Foreign workers working in Vietnam come from 110 countries and territories, most of who are from China, Korea, Japan, and Taiwan. Foreign workers working in Vietnam are mainly concentrated in big cities or localities with large projects with many foreign contractors such as: Hanoi - more than 4,400 people, Bac Giang - more than 4,600 people, Long An – more than 5,600 people, Ho Chi Minh City – more than 27,000 people.

❗ In Vietnam, regulations on registration, declaration and finalization of PIT for foreigners are quite complicated. Therefore, in order to secure income information, reduce risks and increase compliance, foreign experts often tend to use PIT FINALIZATION SERVICE FOR FOREIGNERS from consulting firms, tax agents, accounting service companies. In the following article, TASCO will help you understand more knowledge about PIT finalization for foreigners and this service.

PIT FINALIZATION FOR FOREIGNERS (Non-resident)

Determining the taxable income of foreigners: Note, only the income generated in Vietnam is counted, regardless of where the income is paid and received.

Some tax rates as a basis for PIT finalization for non-resident individuals:

Tax on income from business: 1% for goods; 5% for services; 2% for manufacturing, construction, transportation and other business activities.

Tax on income from wages and salaries: 20% tax rate.

Tax on income from capital investment: 5% tax rate.

Tax on income from capital transfer: 0.1% tax rate.

Tax on income from real estate transfer: 2% tax rate.

Tax on income from royalties and franchises: 5% tax rate.

Tax on income from winning prizes, inheritances and gifts: 10% tax rate.

CONDITIONS FOR PIT FINALIZATION AUTHORIZATION FOR FOREIGNERS

Foreign employees who earn incomes from salaries or wages are allowed to authorize organizations and individuals payING incomes for PIT finalization in the following cases:

☑️ Foreigners only earn income from salaries, wages, labor contracts of 3 months or more with individuals or organizations paying income, including cases where they do not work for full 12 months in a year. That individual must be actually working at the time of authorizing tax finalization.

☑️ Foreigners who have incomes from wages and salaries as in the above case, and at the same time have current income from other sources, for example house rent, land rent, ...

☑️ Income-paying individuals and organizations only finalize on behalf of foreigners for the portion of incomes paid to foreigners by income-paying individuals or organizations.

WHICH CASES FOREIGN EMPLOYEES DIRECTLY FINALIZE PIT

In the following cases, foreigners will have to directly finalize PIT:

📌 Foreigners who have incomes from business, incomes from wages, salaries, or have multiple sources of incomes subject to PIT. At the same time, the additional tax payable or overpaid tax amount is requested to be refunded or compensated in the next tax period, except for some special cases.

📌 Foreigners who only has incomes but comes from two or more places.

📌 Foreigners whose incomes only comes from business.

📌 Foreigners transferring securities, there is a requirement for PIT finalization.

PIT FINALIZATION DEADLINE FOR FOREIGNERS

According to Point a, Point b, Clause 2, Article 44, Tax Management Law 2019, the deadline for tax finalization for foreigners is as follows:

For income-paying organizations: The deadline for submitting tax declaration documents is on the last day of the fiscal year or calendar year.

For individuals who directly finalize tax: The deadline for submitting tax finalization declarations is the end of the calendar year.

Note: If the deadline for documents submission coincides with a prescribed holiday, the deadline will be determined on the next working day.

PIT FINALIZATION SERVICE FOR FOREIGNERS IN VIETNAM

- PIT finalization for foreigners is the determination of the full tax obligation of foreigners whose income is taxable in a tax period with the state budget. Accordingly, the taxpayer must fulfill the tax finalization obligation with the tax authority within the prescribed time limit.

- Before making tax finalization for foreigners, organizations, units and businesses need to clearly determine whether that foreigner is subject to tax according to the provisions of Vietnamese law or not? Avoid the case that foreigners do not have to pay tax but still submit tax finalization documents, which leads to time consuming and complicated processing. Finalizing PIT for foreigners is a job that requires the person performing the finalization to have high professional qualifications and understanding of tax laws, especially with regard to PIT for foreigners. In addition, the implementation of PIT finalization for foreigners will take a lot of time, expense, and have to travel many times through different legal authorities.

- In the PIT finalization for foreigners, foreigners must prepare many documents and information, and at the same time have to prepare documents according to the forms prescribed by tax authorities, calculate the amount of tax to be paid in accordance with the provisions of the PIT law. Note whether those forms are still valid for use today, due to the fact that the implementation of tax policy regulations is quite complicated and often changes.

TASCO’S PIT FINALIZATION SERVICE FOR FOREIGNERS IN VIETNAM

- To solve the difficulties and problems of enterprises, TASCO company provides you with "PIT finalization service for foreigners in Vietnam". This is the ultimate solution for every business.

- With an experienced team, have solved many difficult situations for businesses. Helping businesses reduce worries when explaining to tax authorities. We will perform all the work on tax finalization for businesses, bringing the most practical efficiency for businesses.

WHY IS TASCO DIFFERENT?

⭐ Top staff

CEO of TASCO with more than 17 years of experience in the field of financial accounting management in multinational companies.

⭐ Service quality

TASCO, with the management policy "WHOLE-HEARTED - RESPONSIBILITY - PROFESSIONAL" ensures to provide entrepreneurs with business establishment services, tax accounting services, and tax advices.

⭐ Allowable expenses

Lump-sum and reasonable costs, customers don’t have to pay any extra costs, free consultation 24/7 before and after establishment.

⭐ Service from heart

Tasco always puts the benefits of customers first. More than anyone else, Tasco understands that customers have to invest lots of money when starting a business. Therefore, Tasco always supports customers to minimize costs to operate a sustainable business.

TASCO Tax Agent is proud to be founded and led by CEOs who are experts in Finance - Accounting - Tax with more than 17 years of practical experience, along with a team of professional, dedicated and highly professional and always updated knowledge regularly. With the management policy "WHOLE-HEARTED - RESPONSIBILITY - PROFESSIONAL", TASCO is committed to providing customers with the best service quality and the most dedicated support.

 

TASCO - Tax agent responsible for all service

           TASCO - Give trust - get value

Please contact TASCO for a free consultation:

 Hotline: 086.486.2446 - 0975.08.68 (zalo)

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