The Ministry of Finance has made an official announcement about tax management for business households and individuals.

The Ministry of Finance has requested the General Department of Taxation
continue strengthening solutions to support taxpayers. Photo: Thùy Linh

Recently, mass media reflected a number of contents specified in Circular 40/2021/TT-BTC on value added tax (VAT), personal income tax (PIT) and tax administration for business households and individuals that was recently promulgated by the Ministry of Finance.

According to the Ministry of Finance, the implementation of Circular 40, including contents of tax policy for business activities of individuals (VAT, PIT) must be ensured in accordance with the provisions of relevant tax laws.

Business households and individuals earning revenue of less than VND 100 million per year are not required to pay tax.

If an individual has declared and paid tax in the year and self-determined revenue earnings are from VND 100 million or less at the end of the year, the individual is requested to be refunded or offset against the payable amount arising in the following period stipulated in the law on tax administration.

The Ministry of Finance has requested the General Department of Taxation continue strengthening solutions to support taxpayers; promptly respond to problems in fulfilling tax obligations, especially the provision of e-tax services so that individuals and business households can declare, pay and refund tax electronically.

In addition, to remove difficulties for taxpayers due to the impact of the Covid-19 pandemic, the Government has issued Decree No. 52/2021/ND-CP. Individuals leasing properties that incur PIT payable in 2021 will not have to pay tax until December 31, 2021.

The Ministry of Finance assigned the General Department of Taxation to issue a document instructing local tax authorities to implement Circular No. 40 in accordance with the law soon.