Cases of receiving money into personal accounts must pay tax

The E-commerce Tax Department - Tax Department (Ministry of Finance) notes that when receiving money into personal accounts from certain sources such as land sales, prize winnings, capital investments... personal income tax may have to be paid if it exceeds the prescribed threshold.

The E-commerce Tax Department has just noted that 8 cases of receiving money into personal accounts may have to pay personal income tax, if they are not exempt or exceed the prescribed threshold.

Firstly , income from production, business and professional activities with licenses or certificates. However, business individuals with revenue of 100 million VND/year or less are not included in the income subject to personal income tax and value added tax.

Second , income from salaries and wages, excluding allowances and subsidies not in the nature of salaries and wages as prescribed.

The tax industry noted that 8 cases of receiving money into personal accounts may have to pay tax.

Third , income from capital investment, including: loan interest, dividend income, income from capital investment in other forms (except income from government bond interest).

Fourth , income from capital transfer, including: transfer of capital shares in economic organizations, securities and other forms.

Fifth , income from real estate transfer includes: land use rights, housing, attached assets, land and water surface lease rights; other income from real estate transfer in all forms.

Sixth , income from lottery winnings, promotions, betting, games, prize competitions, including all other forms of winnings.

Seventh , income from copyright of intellectual property objects; income from technology transfer.

Eighth , income from franchising.

The E-commerce Tax Department notes that 8 amounts of money received into personal accounts are subject to personal income tax if they are at the prescribed rate. In case an individual has fulfilled all previous tax obligations, the amount of money transferred for payment later will not be taxed again.

What support will business households receive if the lump-sum tax is abolished? Agreeing with the policy of abolishing the lump-sum tax to make tax declaration and collection transparent, voters in many provinces have proposed guidelines, solutions, and appropriate support policies for business households.

Source: https://vietnamnet.vn/cac-truong-hop-nhan-tien-vao-tai-khoan-ca-nhan-phai-nop-thue-2447713.html