What are answers for the Momo's piggy bank learning? Are winning prizes on Momo subject to personal income tax in Vietnam?
What are answers for the Momo's piggy bank learning?
Momo's piggy bank answers January 07, 2025:
- Piggy Bank School
Today's questions: 1B - 2C - 3B
- English Learning January 07:
1C - 2A - 3C
Momo's piggy bank answers January 06, 2025:
- Piggy Bank School
Today's questions: 1C - 2B - 3A
- English Learning January 06:
1A - 2C - 3B
Momo's piggy bank answers January 05, 2025:
- Piggy Bank School
Today's questions: 1B - 2B - 3B
- English Learning January 05:
1A - 2B - 3A
Momo's piggy bank answers January 04, 2025:
- Piggy Bank School
Today's questions: 1B - 2A - 3C
- English Learning January 04:
Answers: 1C - 2B - 3A
- December - Week 5 - Golden Pig Rain Puzzle (From December 30 to January 05):
Answers: 1A - 2C - 3A - 4C - 5C
- December - Week 5: Find the Millionaire (From December 30 to January 05):
Answers: 1B - 2C - 3C - 4C - 5A
Note: Today's Momo's piggy bank learning answers are for reference only!
What are answers for the Momo's piggy bank learning? (Image from the Internet)
Are winning prizes on Momo subject to personal income tax in Vietnam?
According to Clause 6, Article 3 of the Personal Income Tax Law 2007 (amended by Clause 2, Article 2 of the Law on Amendments to Tax Laws 2014), it is stipulated as follows:
Taxable Incomes
Taxable personal income includes the following types of income, excluding tax-exempt income specified in Article 4 of this Law:
...
- Income from prizes, including:
a) Lottery prizes;
b) Promotional prizes;
c) Wagers;
d) Prizes from games, contests with prizes, and other prize-winning forms.
...
As stipulated in Point d, Clause 1, Article 15 of Circular 111/2013/TT-BTC:
Tax Calculation for Prize Income
The tax calculation for prize income is based on the taxable income and tax rates.
- Taxable Income
Taxable income from prizes is the value of the prize exceeding 10 million VND that the taxpayer receives per winning occasion, regardless of the number of times receiving the prize money.
If a prize is won by multiple individuals, the taxable income is divided among the prize recipients. Prize winners must provide legal evidence. In the absence of legal evidence, prize income is calculated for a single individual. If an individual wins multiple prizes in one game, taxable income is calculated based on the total value of the prizes.
Taxable income for certain reward games, specifically:
...
d) For prizes from games or contests with rewards, it is calculated per reward event. The prize amount is the total prize value exceeding 10 million VND that the player receives before any expense deduction.
...
Additionally, according to the terms and conditions of Momo's prize redemption:
For cash prizes in Red Envelope worth over 10,000,000 VND, the Company will directly deduct the payable tax from the prize value before transferring it to the winning customer. For non-cash prizes, the winning customer is responsible for paying the irregular income tax according to current laws before receiving the prize.
Therefore, according to legal regulations and Momo's prize redemption conditions, if you win a prize valued over 10 million VND, you are required to pay personal income tax.
What is personal income tax? Which entities are personal income tax payers in Vietnam?
Personal Income Tax can be understood as a direct tax levied on certain individuals with high income.
According to Article 2 of the Personal Income Tax Law 2007, it specifies the individuals liable for Personal Income Tax in 2024 as follows:
- Those liable for personal income tax are resident individuals with taxable income specified in Article 3 of the Personal Income Tax Law 2007 arising within and outside the territory of Vietnam, and non-resident individuals with taxable income specified in Article 3 of the Personal Income Tax Law 2007 arising within the territory of Vietnam.
- A resident individual is someone meeting one of the following conditions:
+ Present in Vietnam for 183 days or more in a calendar year or for 12 consecutive months from the first day of presence in Vietnam;
+ Having a permanent residence in Vietnam, including a registered place of permanent residence or having a rented house in Vietnam according to a lease contract.
- A non-resident individual is one who does not meet the conditions stipulated in Clause 2, Article 2 of the Personal Income Tax Law 2007.
- The taxpayer is required to declare their personal income tax.
How is the delay penalty calculated for late Personal Income Tax submission?
According to Article 59 of the Tax Administration Law 2019, it is stipulated as follows:
Handling for Late Tax Payment
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- The calculation for late payment penalty and the duration for such penalty are stipulated as follows:
a) The late payment penalty rate is 0.03% per day calculated on the delayed tax amount;
b) The calculation duration for late payment penalty is continuous from the day immediately following the day when late payment arises as stipulated in Clause 1 of this Article until the day before the outstanding tax, tax return, additional tax, assessed tax, or deferred tax is paid to the state budget.
...
Thus, the delay penalty for one day of late personal income tax payment is calculated by the formula:
Late Payment Penalty Rate = 0.03% x Amount of Delayed Tax.
