PIT 24 HOURS INSURANCE

1. LOGO INTERNSHIP REPORT
From 25th March to 29th March, 2013
Manager: Mr. Nguyen Hoang Nam
Instructor: Ms. Phan Thi Thuy Trang
Mr. Vo Thanh Phuc
Reporter: Nguyen Phuong Uyen

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OUTLINE
1 PERSONAL ACCIDENT INSURANCE
2 PIT BENEFITS
3 PAI PAYMENT PROCEDURE
4 PERSONAL INCOME TAX
5 REDUCTION BASED ON FAMILY CIRCUMSTANCES

3. PERSONAL ACCIDENT INSURANCE
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Type of insurance protects employee against unfortunate
accident occurred during working process in Vietnam territory .
Subject of Application Geographic Scope
Vietnamese citizens The accident occurred
and foreigners working on Vietnam territory in 24 /
in Vietnam from 16 to 24 hours.
70 years old .
Personal
Accident
Insurance
Benefits Insurance fee
The ensured entitles to
From $1 million to 20
benefits in the case of
million, expandable up
bodily injury or death by
to 100 million .
accident of insurance
coverage.

4. PERSONAL ACCIDENT INSURANCE
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• VRG Dongwha purchases package 24 hours
insurance for all employees in the company: 50 mil
VND/ person/ year and 70 mil VND/ person/ year.
• The insurance rate for employees in Technical
Dept is different from others Dept (higher).
• The valid time for 24 hours insurance is 12
months.

5. INSURANCE BENEFITS
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Insurance Fee Insurance Case Payment level
Death Pay full amount of insurance
From 1 mil to 20 mil VNĐ
The amount is paid as a percentage of
OR
Bodily Injury the sum insured specified in the
100 - 2000 USD
contract, depending on disability state.
Death Pay full amount of insurance
From 20mil to 100 mil VNĐ -Pay actual cost for the accident
OR treatment during treatment time.
2.000 - 10.000 USD Maximum rate of pay does not exceed
Bodily Injury
the rate of pay specified insurance.
- Temporary disability (no sequelae)
- The amount is paid as a percentage
- Permanent disability (sequelae)
of the sum insured specified in the
contract, depending on disability state.

6. INSURANCE FEE & RATE
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 Insurers determine Insurance Rate depending on a large or small degree of
risk of the insured, the extent of the loss or death (high/low) and the cost of
doing business (more/ less).
Insurance fee/ person Insurance rate
(Currency: VNĐ & USD$) (1 person/ year)
1. From 1 - 20 mil VNĐ or 100 - 2.000 USD$ 0,28%
2. From 20 - 50 mil VNĐ or 2.000 - 5.000 USD$ 0.42%
3. From 50 - 70 mil VNĐ or 5.000 - 7.000 USD$ 0,56%
4. From 70 - 100 mil VNĐ or 7.000 - 10.000 USD$ 0,75%

7. INSURANCE PAYMENT
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PROCEDURE
Notice period : 30 days ( in writing ) from the
date the insured event occurs.
The deadline for submitting a complete dossier : 1
INSURANCE year from the insured event occurs.
PAYMENT
Payment term : 15 days from the date of receiving
PROCEDURE complete and valid dossiers.
Complaint period : 3 years from the date of receiving
.
notice of the insurance settlement results.

8. INSURANCE PAYMENT
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PROCEDURE
• Insurance dossier includes:
+ Request form for insurance payment.
+ A Insurance certification or a copy of the list of the insured.
+ An accident report is certified by agencies, local authorities or the
police where the insured to be accident.
+ Confirm medical institutions for treatment ( paper of discharge
, treatment bills and other papers relating to the treatment of
accident).
+ The death certificate and legal heir certificate (in case of death).
+ Other required papers.

9. PERSONAL INCOME TAX
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• Applicable Entities
Residents who earn taxable incomes inside and outside the
Vietnamese territory and non-residents who earn taxable incomes
inside the Vietnamese territory specifics in Article 3 of PIT.
•Tax Period
o Annual tax period: incomes from business, salaries and wages.
o Each time of income generation: provision b , c in Article 7 in
PIT Law.
• Tax Rate
Follow the Partially progressive tariff and Whole income
tariff specifics in PIT Law.

10. PARTIALLY PROGRESSIVE
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TARIFF
 The partially progressive tariff applies to taxed incomes specified in Clause 1,
Article 21 of PIT Law.
Tax Taxed income per year Taxed income per month Tax rate
grade (VND million) (VND million) (%)
1 Up to 60 Up to 5 5
2 Between over 60 and 120 Between over 5 and 10 10
3 Between over 120 and 216 Between over 10 and 18 15
4 Between over 216 and 384 Between over 18 and 32 20
5 Between over 384 and 624 Between over 32 and 52 25
6 Between over 624 and 960 Between over 52 and 80 30
7 Over 960 Over 80 35

11. REDUCTION BASED ON FAMILY
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CIRCUMSTANCES
Definition •Each dependant may be counted
only once for tax reduction for a
 Sum of money deductible from taxpayer
pre-tax income from business,
salary or wage of a resident
taxpayer. Reduction based
Principle
Each dependant of on family
the taxpayer circumstances •VND 4 million/month
(VND 48 million/year)
VND 1.6 million/month.
The Taxpayer

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