Lessors not to pay VAT before December 31

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Lessors do not have to pay Personal Income Tax before December 31. Photo: Internet.

House rental is a business operating under a signed contract. The rental term is from six months to a year or more. As per the Tax law, this operation will implement a tax declaration for each arising time and has its own characteristics. Thus, instructions for tax declaration, assessment, and payment must be issued to fulfill tax obligations in a timely manner and prevent State revenue loss, according to the General Department of Taxation.

The circular only stipulates tax administrative procedures, tax policies for the business operation of taxpayers while ensuring compliance with relevant tax laws. Business individuals, including landlords whose rentals bring total revenue of less than VND100 million a year, do not have to pay taxes.

In addition, the Government issued Decree 52/2021 to support taxpayers due to the impacts of Covid-19. Lessors will not have to pay Personal Income Tax before December 31, 2021.

If taxpayers declared and paid taxes and self-determined their revenue in the year of less than VND100 million, they will be allowed to refund and offset against the payable amount arising in the following tax term.

Tax authorities must implement e-tax management to meet e-tax declaration, tax payment, and tax refund.

The General Department of Taxation will instruct local tax authorities to implement Circular 40.

The tax sector will support and resolve the problems of taxpayers in a timely fashion during implementing tax policies under many methods, including strengthening online support via 479 information channels.