Personal Income tax

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andidips Active member

Member since 25 April 2020

andidipsActive member28 April 2020 14:40:56

Friends,

I am an engineer with more than 25 years of industrial experience. I am negotiating an opportunity where I understand from sources that the consolidated pay before taxes or any deductions will be in the vicinity of USD 70,000 per annum. I have accumulated a fair idea of rent, living expenses, conveyance, recreation & travel expenses, school fees, etc. However, I came across contradictory and misleading data on the personal income tax front.

Any assistance on this front shall be highly appreciated.

Thanking you in advance.

Best Regards

GuestPoster100620 Guest

GuestPoster100620Guest29 April 2020 04:22:44

214245

I am not very sure but get it confirmed; you could be on the 30 -35% tax bracket!

GuestPoster100620 Guest

GuestPoster100620Guest29 April 2020 06:16:24

214245

Try that....I hope the link works.

andidips Active member

Member since 25 April 2020

andidipsActive member29 April 2020 07:56:29

Ontheroad57 wrote:

Try that....I hope the link works.

Thank you very much. You guided me to the right link.

andidips Active member

Member since 25 April 2020

andidipsActive member29 April 2020 07:57:53

LSP123 wrote:
I am not very sure but get it confirmed; you could be on the 30 -35% tax bracket!

Thank you for the note. It does come in the 35% bracket.

Frede001 Active member

Member since 05 March 2018

Frede001Active member29 April 2020 10:56:24

Ask your company for a contract based on a Net Salary, then you know what聽 you get. It have worked for me for years here and the company is responsible to pay the Taxes

andidips Active member

Member since 25 April 2020

andidipsActive member29 April 2020 13:01:35

Frede001 wrote:
Ask your company for a contract based on a Net Salary, then you know what聽 you get. It have worked for me for years here and the company is responsible to pay the Taxes

Friends,

It is an Indian company having their operations in Vietnam. In India, companies work on the methodology of employee paying all the taxes from gross.聽 I will have to really find out whether they are prepared to discuss on net basis.

I have put together a small calculation. Assuming I click on this opportunity and I am offered USD 70,000 as gross, outgo towards taxes shall be around USD 20,000, outgo towards school fee around USD 20,000, outgo towards a fully furnished two bedroom apartment maximum around聽 USD 10,000, what is left is around USD 20,000 for expenses. Is this a good amount to have a comfortable life (no luxury) plus a bit of saving ? OR is it worthwhile to leave family back in India, rent a studio / share an apartment for USD 5,000 and make family travel 2-3 times in a year on tourist visa. Company also offers a paid round trip once a year. Education expenses (some of the best schools) is one tenth in India compared to Vietnam. Once you take an apartment/studio on rent, does the owner allow the place to be used also by family on occasional visits ?

Your thoughts are welcome. I would appreciate as many diverse thoughts as possible. Thanks.

atomheart Serial expat

Member since 01 April 2016

atomheartSerial expat29 April 2020 14:19:08

614

andidips wrote:
outgo towards taxes shall be around USD 20,000,

How about social security? Personal income tax is rarely the only tax paid on salary. Also consider dependent deductions...

Edit: google "vietnam net salary calculator", according to the ones I've found, taxes would be 24kUSD.

andidips Active member

Member since 25 April 2020

andidipsActive member30 April 2020 03:36:00

atomheart wrote:
andidips wrote:
outgo towards taxes shall be around USD 20,000,

How about social security? Personal income tax is rarely the only tax paid on salary. Also consider dependent deductions...

Edit: google "vietnam net salary calculator", according to the ones I've found, taxes would be 24kUSD.

Thank you very much for your time and assistance.

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