Vietnam: What are answers for the "Youth Learning and Following the Ideology, Morality, and Style of Ho Chi Minh" contest, Category B, Week 2? Is the prize money associated with the Ho Chi Minh Prize subject to PIT in Vietnam?

Vietnam: What are answers for the "Youth Learning and Following the Ideology, Morality, and Style of Ho Chi Minh" contest, Category B, Week 2?

Below are the detailed answers for the "Youth Learning and Following the Ideology, Morality, and Style of Ho Chi Minh" Contest, Category B, Week 2 for your reference:

Note: The 2024-2025 Contest "Youth Learning and Following Uncle Ho" has various sets of questions and corresponding answers for each round. Each attempt may present different sets of questions.

Note: Information is for reference only!

Vietnam: What are answers for the "Youth Learning and Following the Ideology, Morality, and Style of Ho Chi Minh" contest, Category B, Week 2?  (Image from the Internet)

Is the prize money associated with the Ho Chi Minh Prize subject to PIT in Vietnam?

Based on point e clause 2 Article 2 of Circular 111/2013/TT-BTC, the regulation on taxable incomes is as follows:

Taxable Incomes

As stipulated in Article 3 of the Law on Personal Income Tax and Article 3 of Decree 65/2013/ND-CP, taxable personal incomes include:

...

2. Income from wages, salaries

...

e) Bonuses in cash or not in cash in any form, including bonuses in the form of stocks, excluding the following bonus amounts:

e.1) Bonuses attached to state-conferred titles, including bonuses attached to emulative titles, forms of commendation according to legal provisions on emulation and commendation, specifically:

e.1.1) Bonuses attached to emulation titles like National Emulation Soldiers; Sectoral, Ministry, Central Union, Province, Central City Emulation Soldiers; Basic Emulation Soldiers, Advanced Laborers, Advanced Soldiers.

e.1.2) Bonuses attached to forms of commendation.

e.1.3) Bonuses attached to titles bestowed by the State.

e.1.4) Bonuses attached to awards granted by Associations, Organizations belonging to Central and Local Political Organizations, Political - Social Organizations, Social Organizations, Social - Professional Organizations, in accordance with their statutes and the Law on Emulation and Commendation.

e.1.5) Bonuses attached to the Ho Chi Minh Prize, State Prize.

e.1.6) Bonuses attached to Commemorative Medals, Badges.

e.1.7) Bonuses attached to Meritorious Certificates, Certificates of Merit.

The authority to issue commendation decisions and the amount of bonuses attached to emulative titles and commendation forms mentioned above must comply with the Law on Emulation and Commendation.

e.2) Bonuses attached to national prizes, international prizes respectively recognized by the government of Vietnam.

e.3) Bonuses for technical improvements, inventions, innovations recognized by a competent state agency.

e.4) Rewards for discovering or reporting violations of law to a competent state agency.

...

Thus, bonuses attached to the Ho Chi Minh Prize are not subject to PIT.

What are the taxable PIT incomes in Vietnam?

Based on Article 3 of the Law on Personal Income Tax 2007 (amended by clause 2 Article 2 of the Law Amending Various Laws on Taxation 2014 and clause 1 Article 1 of the Law Amending the Law on Personal Income Tax 2012), taxable personal income includes the following types of income, except for tax-exempt income specified in Article 4 of the Law on Personal Income Tax 2007:

(1) Business income, including:

- Income from the production and business activities of goods and services;

- Income from independent practicing activities of individuals with a practicing license or certificate according to the law.

Business income specified in this clause does not include income from individuals doing business with an annual revenue of 100 million VND or less.

(2) Income from wages, salaries, including:

- Wages, salaries, and amounts of similar nature to wages, salaries;

- Allowances and subsidies, excluding the following:

Allowances and subsidies according to the law on preferential treatment for people with meritorious services; defense, security allowances; allowances for hazardous, dangerous occupations or jobs; attraction allowances, regional allowances as prescribed by law; sudden hardship allowances, occupational accident, occupational disease allowances, one-time childbirth or adoption allowances, allowances for reduced working capacity, one-time pension payments, monthly survivors' benefits and other allowances as per the law on social insurance; job loss compensation, redundancy allowances according to the provisions of the Labor Code 2019; social assistance-type allowances and other non-wage, non-salary allowances, subsidies as stipulated by the government of Vietnam.

(3) Income from capital investment, including:

- Interest from loans;

- Dividend shares;

- Income from capital investment under other forms, excluding income from government bonds.

(4) Income from capital transfer, including:

- Income from the transfer of capital in economic organizations;

- Income from the transfer of securities;

c) Income from capital transfer under other forms.

(5) Income from real estate transfer, including:

- Income from the transfer of land use rights and assets attached to land;

- Income from the transfer of ownership or use rights of houses;

- Income from the transfer of lease rights for land, water surfaces;

- Other received income from real estate transfers in all forms.

(6) Income from winnings, including:

- Lottery winnings;

- Winnings from promotions;

- Winnings from betting forms;

- Winnings from rewarding games, contests, and other forms of winnings.

(7) Income from royalties, including:

- Income from the transfer, transfer of use rights of intellectual property objects;

- Income from technology transfer.

(8) Income from franchising.

(9) Inheritance income i.e., securities, shares in economic organizations, business establishments, real estate, and other assets requiring ownership or use registration.

(10) Gift income in the form of securities, shares in economic organizations, business establishments, real estate, and other assets requiring ownership or use registration.