Circular No. 92/2015/TT-BTC dated June 15, 2015 of the Ministry of Finance on guidelines for vat and personal income tax incurred by residents doing business, amendments to some articles on personal income tax of the Law No. 71/2014/QH13 on the amendments to tax Laws and the Government's Decree No. 12/2015/ND-CP dated February 12, 2015 on guidelines for the Law on the amendments to tax Laws and Decrees on taxation

This Circular provides the guidance in details on the value added tax (VAT), personal income tax (PIT) declaration of businesspeople; the tax declaration of individuals leasing property, of lottery, insurance or multi-level marketing agents; amends a number of articles relating to incomes liable to PIT, tax-exempt incomes, PIT on securities transfer, dossier and forms of PIT declaration, etc.

Accordingly, a businessperson who earns income less than VND 100 million/year are entitled to exemption of both VAT and PIT

If that person earns incomes from VND 100 million and more, he/she shall declare and pay VAT, PIT according to the tax rates upon revenue which are specified respectively as follows: Distribution, provision of goods (1% VAT and 0.5% PIT); Service provisions and construction exclusive of building materials (5% VAT and 2% PIT); Manufacture, transport, provision of services associated with goods, construction inclusive of building materials (3% VAT and 1.5% PIT); Other business lines (2% VAT and 1% PIT).

With respect to persons earning incomes from salary, wage, as from 2015, the expenditures on affairs of employees and their family shall be also exempted from PIT

This Circular comes into force from July 30th, 2015 and is applied to the tax period 2015 onwards.

The regulations on businesspeople paying flat tax using invoices of tax authorities shall be applied to tax periods from January 1st, 2015.

To annul Points b.2.2, b.2.3, and b.2.4 Clause 1 of Article 16; to annul Article 22 of Circular No. 156/2013/TT-BTC dated November 6th, 2013.

To annul the regulations on VAT and PIT incurred by businesspeople specified in Article 16 and Article 21 of Circular No. 156/2013/TT-BTC dated November 6th, 2013 of the Ministry of Finance.

To annul the regulations on PIT incurred by businesspeople provided in Article 7, Article 8, and Article 9 of Circular No. 111/2013/TT-BTC dated August 15th, 2013;

To annul Point d Clause 6 Article 2 on PIT on casino prizes of Circular No. 111/2013/TT-BTC .