What is the penalty for late submission of personal income tax returns for October in Vietnam?

What is the penalty for late submission of personal income tax returns for October in Vietnam?

According to the provisions of Article 13 Decree 125/2020/ND-CP, the penalty for late submission of personal income tax returns for October is as follows:

- A warning is issued for the act of submitting tax returns late from 01 to 05 days with mitigating circumstances.

- A fine ranging from 2,000,000 VND to 5,000,000 VND for submitting tax returns late from 01 to 30 days, except for cases specified in clause 1 of this Article.

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

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

+ Submitting tax returns late from 61 to 90 days;

+ Submitting tax returns late from 91 days or more without generating payable tax;

+ Not submitting tax returns but not incurring any payable tax;

+ Not submitting appendices according to tax management regulations for enterprises with associated transactions along with corporate income tax settlement returns.

- A fine ranging from 15,000,000 VND to 25,000,000 VND for submitting tax returns more than 90 days late from the deadline, generating payable tax while the taxpayer has fully paid the taxes, and late fees into the state budget before the tax authority's decision to inspect or audit tax or before the tax authority makes a record of the late submission act according to Clause 11, Article 143 of the Law on Tax Administration.

Note: The above penalty applies to organizations. The penalty for individuals will be half of the organizational penalty.

What quarter of the year 2024 does October belong to?

- Quarter 1: January, February, March

- Quarter 2: April, May, June

- Quarter 3: July, August, September

- Quarter 4: October, November, December

Thus, October belongs to Quarter 4 of 2024.

What is the penalty for late submission of personal income tax returns for October in Vietnam? (Image from Internet)

What income is exempt from personal income tax in Vietnam?

According to Article 4 of the Personal Income Tax Law 2007, supplemented by Clause 3, Article 2 of the Law amending Laws on Taxation 2014, and amended by Clause 2, Article 1 of the Amended Personal Income Tax Law 2012, the following personal income is exempt from tax:

- Income from real estate transfers between spouses; biological parents with biological children; adoptive parents with adopted children; parents-in-law with daughters-in-law; parents-in-law with sons-in-law; paternal grandparents with grandchildren; maternal grandparents with grandchildren; siblings with each other.

- Income from transferring houses, rights to use homestead land, and assets attached to homestead land of individuals in cases where individuals have only one house or homestead land.

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

- Income from inheritances and gifts that are real estate, received between spouses; biological parents with biological children; adoptive parents with adopted children; parents-in-law with daughters-in-law; parents-in-law with sons-in-law; paternal grandparents with grandchildren; maternal grandparents with grandchildren; siblings with each other.

- Income of households and individuals directly engaging in agricultural, forestry, salt production, aquaculture, and fishing activities that are not processed into other products or only undergo simple processing.

- Income from converting agricultural land of households and individuals allocated by the state for production.

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

- Income from remittances.

- Night work and overtime pay that is higher than day work pay or within normal working hours as prescribed by law.

- Pension paid by the Social Insurance Fund; pensions paid from voluntary pension funds monthly.

- Income from scholarships, including:

+ Scholarships received from the state budget;

+ Scholarships received from domestic and foreign organizations according to their scholarship support programs.

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

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

- Income received from foreign aid for charitable, humanitarian purposes in the form of government and non-governmental aid as approved by competent state agencies.

- Income from wages and salaries of Vietnamese crew members working for foreign shipping lines or Vietnamese shipping lines operating internationally.

- Income of individuals being ship owners or those entitled to use ships and individuals working on ships from providing goods and services directly serving offshore fishing activities.