What is the Lunar calendar for January 1, 2025? Is the deadline for submitting personal income tax coincide with January 1, 2025, extended in Vietnam?

What is the Lunar calendar for January 1, 2025?

January 1, 2025, according to the Gregorian calendar, is a Wednesday and corresponds to the lunar date of December 2, 2024 (also known as the 2nd day of the 12th lunar month in the year Giap Thin).

Additionally, January 1, 2025, is also known as Western New Year.

What is the Lunar calendar for January 1, 2025? Is the deadline for submitting personal income tax coincide with January 1, 2025, extended in Vietnam? (Image from the Internet)

Is the deadline for submitting personal income tax coinciding with January 1, 2025, extended in Vietnam?

Based on Clause 1, Article 1 of Decree 91/2022/ND-CP amending Decree 126/2020/ND-CP which stipulates as follows:

Add Article 6a as follows:

“Article 6a. End of the deadline

The deadline for submitting tax returns, the deadline for tax payment, the deadline for tax authority processing of dossiers, the validity period of enforcement decisions related to tax management shall be implemented according to the Law on Tax Administration and this Decree. If the last day of the deadline coincides with a statutory day off, the last day of the deadline is considered the next working day after such day off.

Therefore, if the deadline for submitting personal income tax returns coincides with January 1, 2025, the last day of the deadline is considered the next working day after such day off.

What are penalties for late submission of personal income tax returns in Vietnam?

According to Article 13 of Decree 125/2020/ND-CP which prescribes penalties for violations regarding the deadline for submitting tax returns as follows:

- A warning is issued for late tax return submitting from 01 day to 05 days with mitigating circumstances.

- A fine ranging from VND 2,000,000 to VND 5,000,000 is imposed for late tax return submitting from 01 day to 30 days, except for the case prescribed in Clause 1 of this Article.

- A fine ranging from VND 5,000,000 to VND 8,000,000 is imposed for late tax return submitting from 31 days to 60 days.

- A fine ranging from VND 8,000,000 to VND 15,000,000 is imposed for the following acts:

+ submitting tax returns late by 61 days to 90 days;

+ submitting tax returns late by 91 days or more without any tax liability;

+ Not submitting tax returns but no tax liability arises;

+ Not submitting appendices as prescribed in tax management regulations for enterprises with affiliated transactions accompanied by corporate income tax settlement returns.

- A fine ranging from VND 15,000,000 to VND 25,000,000 is imposed for submitting tax returns more than 90 days late from the tax return submitting due date, tax liability arises, and the taxpayer has fully paid the tax, the late payment interest to the state budget before the tax authority announces the tax inspection, audit decision, or before the tax authority creates a record of late tax return submitting as prescribed in Clause 11 of Article 143 Law on Tax Administration.

Note: The above penalties apply to organizations. The fine for individuals is half of the fine imposed on individuals.

What income is exempt from personal income tax in Vietnam?

According to Article 4 of the Personal Income Tax Law 2007 as supplemented by Clause 3, Article 2 of the Law Amending Tax Laws 2014 and amended by Clause 2, Article 1 of the Law on Personal Income Tax Amendments 2012 stipulating the personal income exempted from personal income tax as follows:

- Income from real estate transfer between spouses; biological parents and biological children; adoptive parents and adopted children; parents-in-law and daughter-in-law; parents-in-law and son-in-law; paternal grandparents and grandchildren; maternal grandparents and grandchildren; siblings.

- Income from the transfer of houses, the right to use homestead land and assets attached to homestead land of individuals in the case where individuals have only one residence or homestead land.

- Income from the value of land use rights allocated by the State to individuals.

- Income from inheritance and gifts is real estate between spouses; biological parents and biological children; adoptive parents and adopted children; parents-in-law and daughter-in-law; parents-in-law and son-in-law; paternal grandparents and grandchildren; maternal grandparents and grandchildren; siblings.

- Income of households and individuals directly engaged in agricultural, forestry, salt production, aquaculture that has not been processed into different products or only through ordinary preliminary processing.

- Income from the conversion of agricultural land by households and individuals assigned by the State for production.

- Income from interest on deposits at credit institutions, interest from life insurance contracts.

- Income from remittances.

- The portion of night shift salary, overtime salary paid higher than the daytime working salary under the provisions of the law.

- Pension paid by the Social Insurance Fund; pension paid by the voluntary retirement fund monthly.

- Income from scholarships, including:

+ Scholarships received from the state budget;

+ Scholarships received from domestic and foreign organizations under their study promotion programs.

- Income from compensation for life insurance contracts, non-life insurance contracts, compensation for labor accidents, state compensation, and other compensations as prescribed by law.

- Income received from charity funds established or recognized by competent state agencies, operating for charitable, humanitarian, non-profit purposes.

- Income received from foreign grants for charity, humanitarian purposes in government and non-governmental forms which are approved by competent state agencies.

- Income from wages and salaries of Vietnamese seafarers working for foreign shipping companies or international shipping companies.

- Income of individuals who are ship owners, individuals entitled to use ships and individuals working on ships from providing goods and services directly serving offshore fishing activities.