Corporate tax vs PIT for an LLC / Also, October BBQ ... 2nd Edition

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Saigon Visitor Contributor

Member since 01 July 2012

Saigon VisitorContributor15 June 2013 03:40:52

112

Looks like I'm finally going to be able to move to VN! I think I'll be setting up a single member LLC. This will initially be a 'one man show'. Does anyone know if I will be subject to the corporate tax rates as an LLC or do I pay PIT on all income ... or is it a combination where I pay myself a salary (deducted from corporate earnings) but pay PIT on that salary? Thanks for any input ...

Also, I will be coming for a month in October and plan to bring a full Prime Boneless Ribeye loin again (maybe 2) for another BBQ like last year ... so plan ahead any who wish to join in.

Oh, and no ketchup allowed ... ok Jerry?

John

Saigon Visitor Contributor

Member since 01 July 2012

Saigon VisitorContributor23 June 2013 01:05:00

112

Anyone know about taxes in VN? (PIT vs Corp)

Thanks,

John

l3ully Banned

Member since 11 December 2011

l3ullyBanned23 June 2013 07:14:42

830

You will be paying both taxes. Taxes are per legal entity. Consider yourself as a private legal entity and your corporation as another legal entity.
For both you have different obligations and numbers.
PIT is still not not yet for everyone, however, as employer you have to pay for each one-including yourself

Saigon Visitor Contributor

Member since 01 July 2012

Saigon VisitorContributor23 June 2013 12:27:32

112

Michaelray wrote:
Is there any chance of you bringing that rib-eye down to Vung Tau?

Might be a possibility ... If you know a good place to grill out and have a fun time with friends I am sure some of my friends from HCMC would be willing to travel for a day at the beach .... We could probably just rent a big van and make a day of it.

I3ully
-- I agree that I may pay both. Corp on the business income and pay myself a small salary (deductible as a business expense) and pay PIT on the salary. I believe the 'corp' can also rent the house and pay certain expenses ... Not 100% sure ... I'm actually waiting to hear from an accountant that I contacted in Hanoi (sister of a friend). Thanks for the feedback.

John

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