VietnameseOfficial Dispatch No. 4973/TC/CST of April 26, 2005, on the time for withholding 10% income tax on each payment of VND 500,000 or more to individuals
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Official Dispatch No. 4973/TC/CST of April 26, 2005, on the time for withholding 10% income tax on each payment of VND 500,000 or more to individuals
| Issuing body: | Ministry of Finance | Effective date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Official number: | 4973/TC/CST | Signer: | Bach Thi Minh Huyen |
| Type: | Official Dispatch | Expiry date: | Updating |
| Issuing date: | 26/04/2005 | Effect status: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Fields: | Tax - Fee - Charge |
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Effect status: Known
THE MINISTRY OF FINANCE -------- | SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness -------------- |
No. 4973/TC/CST On the time for withholding 10% income tax on each payment of VND 500,000 or more to individuals | Hanoi, April 26, 2005 |
To: | - The Vietnam Register - Provincial/municipal Tax Departments |
In response to the Vietnam Register's Official Letter No. 312/2005-DK of April 18, 2005, on the time of starting to withhold 10% income tax on each payment of VND 500,000 or more to individuals, the Finance Ministry gives the following opinion:
Item 3.3.1.1, Point 3, Section III of the Finance Ministry's Circular No. 81/2004/TT-BTC of August 13, 2004, states that income-paying agencies shall have to withhold an income tax equal to 10% of each payment of VND 500,000 or more to individuals for their incomes from commissioned agency or brokerage (including bonuses); emoluments or teaching remunerations; royalties for use of inventions, trademarks or works; remunerations for participation in projects, business societies, managing boards or members' councils; incomes from the provision of scientific, technical, informatics, consultancy, designing, architectural or training services; incomes from performing, physical training or sport activities; and other incomes subject to income tax.
Point 1, Part VIII of Circular No. 81/2004/TT-BTC stipulates: "This Circular takes effect 15 days after its publication in "CONG BAO" and replaces the Finance Ministry's Circular No. 05/2002/TT-BTC of January 17, 2002, guiding the implementation of the Government's Decree No. 78/2001/ND-CP of October 23, 2001, which details the implementation of the Ordinance on Income Tax on High-Income Earners, and all contradictory provisions."
Circular No. 81/2004/TT-BTC was published in "CONG BAO" on August 29, 2004, so it took effect on September 12, 2004. From July 1, 2004 to before September 12, 2004, when the Finance Ministry's Circular No. 81/2004/TT-BTC was not effective yet, the withholding of income tax on incomes paid to individuals complied with the provisions of Circular No. 05/2002/TT-BTC. Hence, the withholding of 10% income tax on each payment of VND 500,000 or more to individuals applies nationwide as from September 12, 2004.
The Finance Ministry hereby notifies the above-said opinion to the Vietnam Register and provincial/municipal Tax Departments for knowledge and implementation.
Bach Thi Minh Huyen |
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