After the convincing championship at the ASEAN Cup 2024, the Vietnamese team received a total of about 33 billion VND in bonuses from organizations, businesses and the Southeast Asian Football Federation (AFF). However, not all of these bonuses are tax-free.
At the regular press conference of the fourth quarter of the Ministry of Finance on January 7, Deputy Director General of the General Department of Taxation Mai Son said that bonuses not associated with medals or awards will be subject to personal income tax.
Previously, the General Department of Taxation issued Official Dispatch No. 1324/TCT-personal income dated April 16, 2018 on paying personal income tax on bonuses received by the Vietnamese football team.
Accordingly, bonuses from national and international tournaments recognized by the State of Vietnam, including bonuses received from achievements in national or international tournaments (such as championship or runner-up) recognized by the State of Vietnam and bonuses according to the provisions of the Law on Emulation and Commendation, will not be included in personal income taxable income.
Bonuses from other organizations and individuals, including bonuses from economic corporations, banks, businesses, organizations or individuals for teams or individual players and coaches, if they are in the nature of salaries or wages or are made in accordance with the financial regulations on revenue, expenditure and bonuses of the Vietnam Football Federation, will be included in taxable income.
Tax deductions will be made according to the progressive tax schedule or 10% deduction for income from 2 million VND/time or more, depending on the labor contracts of players, coaches and team members. At the end of the year, individuals will make tax settlements according to regulations.
For gifts that are assets that must be registered for ownership or use, if an individual receives a gift in the form of securities, capital shares in economic organizations, real estate or other assets that must be registered for ownership or use, he/she must pay personal income tax.
Thus, the payment of personal income tax on bonuses of the Vietnam team depends on the origin and nature of the bonus received.
Accordingly, the bonus of 300,000 USD (equivalent to 7.6 billion VND) that the Vietnamese team received from AFF for the championship will not be subject to personal income tax.
Similarly, the bonus of more than 1 billion VND (total team) according to Decree No. 152/2018/ND-CP on reward regime for athletes and coaches is also tax-exempt.
In addition, bonuses that businesses and organizations commit to giving to the team after winning the 2024 ASEAN Cup will be subject to personal income tax at a rate of 10% because these bonuses are not associated with titles and awards recognized by the State according to tax exemption regulations.
The total bonus that the Vietnamese team received after winning the 2024 ASEAN Cup is very large and classifying the bonus into tax-exempt and taxable amounts is necessary to ensure compliance with personal income tax laws.
TB (summary)Source: https://baohaiduong.vn/nhan-khoan-thuong-lon-sau-khi-vo-dich-asean-cup-2024-doi-tuyen-viet-nam-nop-thue-the-nao-402472.html
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