2. Personal Income Tax (“PIT”)
• Income from business does not include the income of individuals doing business with the annual revenue of VND100 million or below.
• Remove the provision of PIT on rewards earned through playing in casino.
• Add more types of income subject to PIT exemption:
* Income from salaries and wages of Vietnamese crew members received by working for foreign shipping companies or domestic shipping companies specialized in international shipping.
* Income from the provision of goods or services for offshore fishing activities of the individuals who are the ship owners, individuals having the right to use the ship and individuals working on the ships.
• Individuals doing business are required to declare and pay PIT with the deemed rates on revenue as per the regulation of this Law, instead of based on the assessable income and the progressive tax rate brackets as before. Accordingly, individuals doing business are not allowed to deduct monthly relief for PIT calculation purpose.
• For securities transfer and real estate transfer, the assessable income shall be determined by each transaction (rather than determining based on the selling price minus buying price and other relevant expenses as before), and the flat rate on revenue of 0.1% for securities transfer and 2% for real estate transfer shall be applied.