On January 15, 2013, the Ministry of Finance issued Circular 111/2013/TT-BTC guiding the implementation of the Law on Personal Income Tax, the Law amending and supplementing a number of articles of the Law on Personal Income Tax and the Law on Personal Income Tax. Decree No. 65/2013/ND-CP of the Government detailing a number of articles of the Law on Personal Income Tax and the Law amending and supplementing a number of articles of the Law on Personal Income Tax.
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Accordingly, Circular 111/2013/TT-BTC stipulates that personal income taxable income includes bonuses, cash or non-cash in any form, including bonuses in securities, except for some prescribed bonuses. Therefore, employees are responsible for paying personal income tax on the 2023 Tet bonus.
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Personal income tax is calculated according to the following formula:
Amount of personal income tax payable = Taxable income x Tax rate
Taxable income = taxable income – statutory deductions
Taxable income = Total income received by employees – tax-exempt items.
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