What is Personal Income Tax (PIT)?
Personal Income Tax (PIT) is a direct tax imposed on individuals, representing the portion of their income that must be paid to the state budget after accounting for allowable deductions. It applies to income earned by individuals, whether from domestic or international sources, and is calculated based on the income subject to tax after deductions.
Who are the Taxpayers?
PIT must be paid by:
- Residents: Individuals residing in Vietnam, whose taxable income includes earnings from both within and outside the country, regardless of the income source.
- Non-residents: Individuals who are not residents but earn income within Vietnam. Their taxable income includes any income derived from Vietnamese sources, regardless of where it is paid or received.
KMC’s Monthly/Quarterly PIT Reporting Services
To ensure accurate and compliant fulfillment of personal tax obligations, KMC provides comprehensive support services for monthly and quarterly PIT reporting. Our goal is to help businesses and individuals navigate PIT regulations effectively, optimize deductions, and minimize tax liabilities.
Our Services Include:
- Consulting on Necessary Documentation for Preparing Monthly PIT Reports: We offer detailed guidance on the collection and preparation of relevant documents required for PIT reporting. Our support ensures that all documents are accurate and complete, facilitating effective and timely tax reporting.
- Reviewing and Verifying Documents: KMC meticulously reviews and verifies all documents provided by your company, checking for legitimacy and completeness. We identify and address any discrepancies, omissions, or errors, ensuring all records meet required standards and maintaining accuracy and transparency.
- Preparing Monthly PIT Reports: We aggregate and process data related to PIT, including income figures, tax deductions, allowances, and other relevant information. After preparing the PIT reports, we send them to your company for review and approval.
- Addressing Questions Related to the Report: If you have any questions regarding the PIT report, KMC provides detailed explanations and clarifications. We address any queries about the data, calculation methods, or other details to ensure a clear understanding and effective use of the report.
- Guiding the Submission of PIT Returns and Payment: We guide you through the process of submitting PIT returns and making the required tax payments correctly, ensuring compliance with all regulations.
Why Choose KMC?
KMC’s expert team is dedicated to delivering accurate, timely, and compliant PIT reporting services. We ensure that your tax obligations are met effectively, helping you maximize deductions and minimize liabilities. With our support, you can focus on your core activities, confident that your PIT reporting is handled professionally.
For reliable support with PIT reporting and compliance, contact KMC today. Let us assist you in managing your personal income tax obligations effectively and efficiently.
Accounting Advisory
KMC provide professional initial accounting and tax registration services, you shall not bother about issues related to tax and accounting after post license. Our team with high expertise and many years experiences will support and accompany you.
Taxation Advisory
Our tax services rely on our local knowledge to ensure tax compliance, tax administration and dealing with tax authorities. We assist you by taking into account the latest regulations thus ensuring full tax compliance and optimization.
Business Advisory
KMC believes in an approach to our client, as we familiarize ourselves with all aspects of your business and the environment in which you operate, it enables us to propose you the most appropriate plan at a competitive service fee.
Human Resources (HR) and Payroll Advisory
KMC’s service will help businesses fully comply with Vietnam’s regulations, optimize costs, and prevent risks in advance.
Mergers and Acquisitions (M&A) Advisory
Our global network in combination with our deep industry knowledge means that we can help companies identify other businesses that offer a good strategic fit and assist them with acquisitions, mergers and alliances that allow them to maintain and build their competitive advantage.
Transfer Pricing Advisory
Transfer pricing refers to the rules and methods for pricing transactions between related entities, typically within multinational companies. Currently, regulations on compliance of transfer pricing are very complexly and strictly.
Annual Consulting Services
KMC has the expertise with experienced resources, including lawyers, auditors, accountants who have many years of experiences working in the investment, accounting, taxation and labour consulting fields.
Other Services
Besides Accounting, Taxation, Business Services, etc. KMC also has efforts to provide other services to Clients related to business activities of the enterprises in Vietnam.