Circular 154/2011/TT-BTC, the guidance on PIT finalization for 2011
On November 11, 2011, The Ministry of Finance issued Circular No. 154/2011/TT-BTC giving of Decree No. 101/2011/ND-CP dated November 01, 2011 which provide the detailed implementation of Resolution No. 08/ 2011/QH13 issued by the National Assembly on additional issuance of some tax solutions in reducing difficulties for enterprises and individuals. This Circular takes effect from December 26, 2011.
The key point of this Circular is the detailed process of PIT finalization in 2011 at Chapter 3, Article 16:
- The amount of PIT exemption from salary and wage and other income from business activities in the first tax bracket of the Progressive Tax Tariff is calculated as below:
Total income tax exemptions= (2011 taxable income in the first tax bracket * the tax rate of the scale of progressive tax tariff * 5 months)/12 months
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- The process of PIT declaration after deduction: the total amount of PIT should be noted at item [32_Accrued tax] of the form 09/KK-TNCN attached to Circular No. 28/2011/TT-BTC.
- Upon PIT declaration, the PIT bearer has to fill in form 25/MGT-TNCN and submit it along with your PIT finalization documents to Tax Authority.
- There are also 2 extra worthnothy points:
+ Section I: the PIT bearer should state clearly in the PIT declaration form 09/KK-TNCN about the amount of income tax payable in item [05]; the amount of income tax exemption or deduction in item [06]; the amount of income tax payable in item [08].
+ Section 3: the employer should state clearly in the form 05/KK-TNCN about the amount of income tax payable in item [12]; the amount of income tax exemption or deduction in item [13]; the amount of income tax payable in item [14]. |
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