What is the form of Regulation on Tet bonus in 2024? Is the Tet bonus in 2024 subject to personal income tax in Vietnam?
Vietnam: What is the form of Regulation on Tet bonus in 2024?
Pursuant to the provisions of Clause 2, Article 104 of the Labor Code 2019, A bonus regulation shall be decided and publicly announced at the workplace by the employer after consultation with the representative organization of employees (if any)
Below is the form of Regulation on Tet bonus in 2024:
> Download form of Regulation on Tet bonus in 2024 Here
What is the form of Regulation on Tet bonus in 2024? Is the Tet bonus in 2024 subject to personal income tax in Vietnam? (Image from the Internet)
Is the Tet bonus in 2024 subject to personal income tax in Vietnam?
Pursuant to the provisions of Point e, Clause 2, Article 2 of Circular 111/2013/TT-BTC (amended and supplemented by Article 11 of Circular 92/2015/TT-BTC), it is stated incomes subject to personal income tax as follows:
Taxable incomes
According to Article 3 of the Law on Personal income tax and Article 3 of the Decree No. 65/2013/ND-CP, the incomes subject to personal income tax (hereinafter referred to as taxable incomes) include:
...
2. Incomes from wages and remunerations.
Incomes from wages and remunerations (hereinafter referred to as wages) are incomes paid to employees from employers, including:
...
e) Rewards in cash or not in cash in any shape or form, including rewards in the form of securities, except for:
e.1) Prize money associated with the titles awarded by the State, including the prize money associated with honorary titles as prescribed by law:
e.1.1) Prize money associated with honorary titles awarded by Ministries, central and provincial agencies and associations, excellent employee titles.
e.1.2) Prize money associated with the awards.
e.1.3) Prize money associated with the titles awarded by the State.
e.1.4) Prize money associated with the awards presented by associations and organizations belonging to central and local political organizations, socio-political organizations, social organizations, professional-social organizations that conforms to their charters and the Law on Emulation and Commendation.
e.1.5) Prize money associated with the Ho Chi Minh Prize and National Prize.
e.1.6) Prize money associated with medals or badges.
e.1.7) Prize money associated with certificates of merit
The powers to decide the commendation and prize money associated with the titles and awards above must be conformable with the Law on Emulation and commendation.
e.2) Prize money associated with national prizes and international prizes recognized by Vietnam.
e.3) Rewards for technical innovations and inventions recognized by competent authorities.
e.4) Rewards for reporting violations of law to competent authorities.
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Thus, according to the above regulations, the Tet bonus does not fall into the cases of personal income tax exemption.
Therefore, the 2024 Tet bonus is determined as income subject to personal income tax.
What is the Tet holiday schedule in 2024 for employees in Vietnam?
New Year 2024
(1) For employees who work on Saturday and have weekly leave on Sunday: 02 days off
Sunday (December 31, 2023) | Monday (January 1, 2024) |
Start working on January 2, 2024.
(2) For employees who do not work on Saturday, weekly off is on Saturday and Sunday
Saturday (December 30, 2023) | Sunday (December 31, 2023) | Monday (January 1, 2024) |
Start working on January 2, 2024.
Note: For employees working at enterprises outside the public sector, the 2024 New Year holiday schedule mentioned above may change, depending on the enterprise's announcement.
Tet Holiday in 2024 (Lunar New Year)
Pursuant to Notice 5015/TB-LDTBXH 2023 of the Ministry of Labor, War Invalids and Social Affairs (Ministry of Labor, War Invalids and Social Affairs), employers may adopt the following holiday schedule for Tet Holiday in 2024:
- 01 ending day of the year 2023 and 04 beginning days of the year 2024 of the lunar calendar
- 02 ending days of the year 2023 and 03 beginning days of the year 2024 of the lunar calendar
- 03 ending days of the year 2023 and 02 beginning days of the year 2024 of the lunar calendar.
Specifically:
*In cases where employees do not have to work on Saturday of the week
- Enterprises choose the option 01 day before Tet and the first 04 days after Tet:
Employees will start taking the 2024 Lunar New Year holiday from Friday, February 9, 2024 (December 30, of the lunar calendar) until Thursday, February 15, 2024 (the 6th day of Tet).
- Enterprises choose the option 02 days before Tet and the first 03 days after Tet:
Employees will start taking the 2024 Lunar New Year holiday from Thursday, February 8, 2024 (December 28, 2023 of the lunar calendar) until Wednesday, February 14, 2024 (the 5th day of Tet).
- Enterprises choose the option 03 days before Tet and 02 days after Tet:
Employees will start taking the 2024 Lunar New Year holiday from Wednesday, February 7, 2024 (December 27, 2023 of the lunar calendar) until Tuesday, February 13, 2024 (the 4th day of Tet).
Thus, employees will have 7 consecutive days off, including 5 days off for Lunar New Year according to State regulations and 2 days off (due to overlapping holidays on Saturday and Sunday).
*In case the employee has to work on Saturday of the week
- Enterprises choose the option 01 day before Tet and the first 04 days after Tet:
Employees will start taking the 2024 Lunar New Year holiday from Friday, February 9, 2024 (December 30, of the lunar calendar) until Wednesday, February 14, 2024 (5th day of Tet).
- Enterprises choose the option 02 days before Tet and the first 03 days after Tet:
- Employees will start taking the 2024 Lunar New Year holiday from Thursday, February 8, 2024 (December 28, 2023 of the lunar calendar) until Tuesday, February 13, 2024 (the 4th day of Tet).
- Enterprises choose the option 03 days before Tet and 02 days after Tet:
Employees start taking Lunar New Year leave from Wednesday, February 7, 2024 (December 27, 2023 of the lunar calendar) until Monday, February 12, 2024 (the 3rd day of Tet).
Accordingly, employees will have 6 consecutive days off, including 5 days off for Lunar New Year according to State regulations and 1 day off (coinciding with the weekly Sunday holiday).
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