Law No. 71/2014/QH13 dated November 26, 2014 of the National Assembly on Amending and Supplementing a Number of Articles of the Laws on Taxes

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ATTRIBUTE Law 71/2014/QH13 of National Assembly of the Socialist Republic of Vietnam date issued 26/11/2014

Law No. 71/2014/QH13 dated November 26, 2014 of the National Assembly on Amending and Supplementing a Number of Articles of the Laws on Taxes
Issuing body: National Assembly of the Socialist Republic of VietnamEffective date:
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Official number:71/2014/QH13Signer:Nguyen Sinh Hung
Type:LawExpiry date:Updating
Issuing date:26/11/2014Effect status:
Known

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Fields:Tax - Fee - Charge

SUMMARY

FROM 2015, INCOMES FROM CASINOS SHALL NOT BE TAXABLE

According to the Law No. 71/2014/QH13 dated November 26, 2014 amending and supplementing a Number of Articles of the Laws on Taxes approved by the National Assembly, incomes  from  independent  professional  activities  of  individuals possessing practice licenses or certificates in accordance with law and having  an  annual  turnover  of  100  million  VND or less shall not have to pay personal income tax from January 01, 2015. Similarly, incomes from casinos are also omitted from taxable incomes from January 01, 2015.

Besides, the Law also amended the tax rate for businesspeople. Accordingly, personal income tax for businesspeople shall pay personal income tax calculated as a certain percentage of turn-over in each field, industry or business line. Of which, tax rates for goods distribution and supply: 0.5%; Services and construction activities without supply of raw materials and materials: 2%. Particularly for asset lease, insurance agency, lottery agency and multi-level marketing agency: 5%; Production, transportation and services associated with goods, construction activities involving supply of raw materials and materials: 1.5%;

Incomes from capital investment; Incomes from copyright, commercial franchising; Incomes from prizes; Incomes from inheritances, gifts; Incomes from capital transfer shall pay at the tax rates of 5%; 10%; 2% and 0.1% respectively.

Another significant content is regulation on cancellation of penalty of 0.07%/day for late payment if paying tax after 90 days. From January 01, 2015, taxpayers that pay tax after the prescribed time limit or extended time limit for tax payment or the time limit stated in the notice or handling decision of a tax administration agency shall fully pay tax amounts and late payment interest at the rate of 0.05% of the late paid tax amount per each day of late payment.

This Law takes effect on January 1, 2015.
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Effect status: Known

THE PRESIDENT

 
No. 31/2014/L-CTN
THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
 
Hanoi, December 8, 2014
 
 
ORDER
On the promulgation of law[1]
 
THE PRESIDENT OF
THE SOCIALIST REPUBLIC OF VIETNAM
 
Pursuant to Articles 88 and 91 of the Constitution of the Socialist Republic of Vietnam;
Pursuant to Article 91 of the Law on Organization of the National Assembly;
Pursuant to Article 57 of the Law on Promulgation of Legal Documents,
 
PROMULGATES
 
The Law Amending and Supplementing a Number of Articles of the Laws on Taxes,
which was passed on November 26, 2014, by the XIIIth National Assembly of the Socialist Republic of Vietnam at its 8th session.-
 
President of the Socialist Republic of Vietnam
TRUONG TAN SANG


 

 
THE PRESIDENT
 
No. 71/2014/QH13
THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
 
 
LAW
Amending and Supplementing a Number of Articles
of the Laws on Taxes
[2]
 
Pursuant to the Constitution of the Socialist Republic of Vietnam;
The National Assembly promulgates the Law Amending and Supplementing a Number of Articles of Law No. 14/2008/QH12 on Enterprise Income Tax, which was amended and supplemented under Law No. 32/2013/QH13; Law No. 04/2007/QH12 on Personal Income Tax, which was amended and supplemented under Law No. 26/2012/QH13; Law No. 13/2008/QH12 on Value-Added Tax, which was amended and supplemented under Law No. 31/2013/QH13; Law No. 45/2009/QH12 on Royalties; Law No. 78/2006/QH11 on Tax Administration, which was amended and supplemented under Law No. 21/2012/QH13; Law No. 27/2008/QH12 on Excise Tax, Law No. 45/2005/QH11 on Export Duty and Import Duty, and Law No. 54/2014/QH13 on Customs. 
Article 1.
To amend and supplement a number of articles of Law No. 14/2008/QH12 on Enterprise Income Tax, which was amended and supplemented under Law No. 32/2013/QH13.
1. To amend and supplement Clause 2, Article 3 as follows:
“2. Other incomes include income from the transfer of capital or transfer of the capital-contributing rights; income from the transfer of real estate, transfer of investment projects, transfer of the right to participate in investment projects or transfer of the right to explore, exploit and process minerals; income from asset use rights or asset ownership rights, including income from intellectual property rights in accordance with law; income from the transfer, lease or liquidation of assets, including also valuable papers.
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[1] Công Báo Nos 1173-1174 (30/12/2014)
[2] Công Báo Nos 1173-1174 (30/12/2014)

 

 

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