Question:
My monthly salary is 20 million VND, and the company has already deducted PIT. Do I still need to finalize my personal income tax at year-end?
Answer:
Pursuant to Article 25 of Circular 111/2013/TT-BTC (guiding the Personal Income Tax Law) and Decree 126/2020/ND-CP:
- Individuals with income from salaries/wages under labor contracts of 3 months or more, who have only one workplace and where tax has been correctly withheld, are not required to finalize if they authorize the paying organization (the company) to finalize on their behalf.
- However, if you have income from two or more sources, or haven't declared all family circumstance deductions, or want a tax refund (e.g., due to dependents), you must still self-finalize.
Therefore, if you only have salary income from one employer and the company has withheld tax correctly, you don't need to self-finalize.
