trực tiếp bóng đá hôm nay euroWhat taxes are payable on lottery winnings in Vietnam? When do individuals pay taxes in Vietnam?

What taxes are payable on lottery winnings in Vietnam?

Based on Clause 6, Article 3 of thePersonal Income trực tiếp bóng đá hôm nay euro Law 2007, as amended by Clause 2, Article 2 of theLaw Amending the trực tiếp bóng đá hôm nay euro Laws 2014, taxable personal income (TNCN) is defined as follows:

Taxable Income

Taxable personal income comprises the following categories, excluding trực tiếp bóng đá hôm nay euro-exempt income as stipulated in Article 4 of this Law:

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6. Income from winnings, including:

a) Lottery winnings;

b) Prizes from promotional games;

c) Winnings from betting activities;

d) Prizes from games, contests with prizes, and other forms of winnings.

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Thus, income from winnings, including lottery winnings, is subject to personal income trực tiếp bóng đá hôm nay euro (TNCN). Therefore, upon winning the lottery, the winner is obligated to pay personal income trực tiếp bóng đá hôm nay euro as dictated by regulations.

What taxes are payable on lottery winnings in Vietnam? Whendo individualspay taxes in Vietnam? (Image from the Internet)

When do individuals pay taxes in Vietnam?

Pursuant to Clause 1, Article 15 ofCircular 111/2013/TT-BTC, the basis for calculating personal income trực tiếp bóng đá hôm nay euro on income from winnings for resident individuals is as follows:

Basis for trực tiếp bóng đá hôm nay euro Calculation on Income from Winnings

The basis for trực tiếp bóng đá hôm nay euro calculation on income from winnings is taxable income and the trực tiếp bóng đá hôm nay euro rate.

1. Taxable Income

Taxable income from winnings is the amount exceeding VND 10 million that the taxpayer receives for each win, regardless of the number of times winnings are received.

If a prize is won by multiple individuals, the taxable income is divided among the recipients. The winners must provide legal documentation of entitlement. Otherwise, the taxable winnings are attributed to one individual. If an individual wins multiple prizes in one game, the taxable income is the total value of all prizes.

Taxable income for certain games with prizes is specified as follows:

a) For lottery winnings, it is the entire amount exceeding VND 10 million per lottery ticket received in one draw, before any deductions.

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According to point a, Clause 2, Article 23 ofCircular 111/2013/TT-BTC, the calculation basis for personal income trực tiếp bóng đá hôm nay euro on income from winnings for non-resident individuals is as follows:

For Income from Prizes, Inheritances, and Gifts

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2. Taxable Income

a) Taxable income from winnings for non-resident individuals is the amount exceeding VND 10 million per win in Vietnam.

Income from winnings for non-resident individuals is determined similarly to that for resident individuals as outlined in Clause 1, Article 15 of this Circular.

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From the above regulations, it is evident that taxable personal income from lottery winnings is the entire amount exceeding VND 10 million per lottery ticket received in one draw, prior to any deductions.

Thus, only lottery winnings from VND 10 million and above per lottery ticket in one draw are subject to personal income trực tiếp bóng đá hôm nay euro.

What is the personal income trực tiếp bóng đá hôm nay euro rate for lottery winnings in Vietnam?

Based on Clause 2, Article 15 ofCircular 111/2013/TT-BTC, the personal income trực tiếp bóng đá hôm nay euro rate for income from winnings, according to the fixed trực tiếp bóng đá hôm nay euro rate schedule, is 10%.

The lottery winner must pay personal income trực tiếp bóng đá hôm nay euro at a rate of 10% on the value exceeding VND 10 million for each winning ticket in one draw.

The formula for calculating personal income trực tiếp bóng đá hôm nay euro is as follows:

Personal Income trực tiếp bóng đá hôm nay euro Payable = (Winning amount - VND 10 million) × 10%.

Additionally, according to point g, Clause 1, Article 25 ofCircular 111/2013/TT-BTC, the regulation states:

trực tiếp bóng đá hôm nay euro Deduction and trực tiếp bóng đá hôm nay euro Deduction Certificates

1. trực tiếp bóng đá hôm nay euro Deduction

trực tiếp bóng đá hôm nay euro deduction is the action where the organization or individual paying income deducts the trực tiếp bóng đá hôm nay euro amount payable from the taxpayer's income before payment. Specifically:

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g) Income from winnings

The organization responsible for paying the prize must withhold personal income trực tiếp bóng đá hôm nay euro before paying out to the winning individual. The amount withheld is determined according to the guidance in Article 15 of this Circular.

The lottery company will deduct the trực tiếp bóng đá hôm nay euro before awarding the prize, so the amount the winner receives is net of taxes.

What are responsibilities and rights of lottery participants in Vietnam?

The responsibilities and rights of lottery participants are stipulated in Article 5 ofDecree 30/2007/ND-CPas follows:

- Lottery participants must comply with state regulations on lottery business, the participation rules announced by the lottery business enterprise, and fulfill all trực tiếp bóng đá hôm nay euro obligations to the state according to legal provisions.

- Lottery participants have the following rights:

+ To be fully paid the value of the prizes won by the lottery business enterprise. In cases where personal reasons (such as illness) prevent direct prize claims, participants may authorize a legal representative to claim the prize;

+ Foreign individuals and overseas Vietnamese residing abroad legally entering Vietnam, upon winning, are allowed to purchase foreign currency and transfer it abroad according to the state's foreign exchange management regulations;

+ To request the lottery business enterprise to keep confidential personal winning information and other related details;

+ To enjoy other legitimate benefits according to participation rules announced by the lottery business enterprise.