115/2013/TT-BTC, PwC recently co-presented with Jardine Lloyd Thompson
and Manulife to a forum of HR professionals in relation to the newly
introduced voluntary pension schemes.Circular 115 defines these
schemes to be a life insurance product which incorporates a pension
benefit and a life insurance coverage.
The Government has
provided guidance on the Personal Income Tax (“PIT”) implications of
contributions and payouts by way of the amended PIT Law which came into
effect from 1 July 2013. Guidance on the Corporate Income Tax (“CIT”)
implications is pending issuance of a new decree. A summary of our
understanding of the tax treatment of these schemes is provided below.
would be pleased to assist you in considering the tax, legal and HR
related aspects of introducing a voluntary pension scheme as part of
your HR/remuneration policy. Please do not hesitate to discuss
thismatter with your regular PwC contact.