Income-tax payers to get cash back by month’s end

Organizations that have yet to submit their employees’ new income taxes must return the money by the last working day of this month, according to a Ministry of Finance dispatch issued Wednesday.

The dispatch is a follow-up to a circular released earlier this month delaying the new Personal Income Tax Law for several categories of taxpayers until the end of May.

Organizations that have already submitted the new taxes have longer to give the money back.

They must first send the proper documents to tax agencies in order to get the money returned.

The treasury will return the money no more than five days after tax agencies receive valid documents, the dispatch said.

Organizations must then transfer the money to their staff no more than five days after that.

Another dispatch Wednesday addressed other tax issues.

The second document said that income from salaries and bonuses established by 2008 business results but paid this year will follow the new income tax law, meaning taxes on this income will also be delayed.

The dispatch also said that people who submitted valid documents for real estate transfers before January 1 this year could choose to follow the land transfer tax law instead of the new income tax law if the taxes they would pay under the latter are higher than those they would pay under former.

If the tax under the new law is less than that under the land transfer tax law, they can follow the new law but not its deferment.

INDIVIDUALS EXCLUDED FROM THE TAX DEFERMENT:

* Resident and non-resident individuals with income from real estate transactions, lottery winnings, gaming, promotions or betting.

* Non-resident individuals that have income from business, salary, inheritance and gifts.

* Non-resident individuals include: those who do not live in Vietnam; those who will leave the country before June 30 this year; those who came to the country from January 1 this year but do not know exactly when they will leave; those who do not have a permanent address in Vietnam and those who do not have a house lease contract in Vietnam of 90 days or more.

Thanh Xuan

thanhnien

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