New policies to be applied in 2022
In order to support the program of socio-economic recovery and development, the State has issued a number of documents on fiscal and monetary policies to support the program of socio-economic recovery and development, with many policies to support people and businesses due to the impact of Covid-19. This article will help businesses understand the above support policies.
1. Individuals leasing properties with a revenue less than VND 100 million/year do not need to pay tax:
✳️ Pursuant to Circular 100/2021/TT-BTC stipulating that individuals who lease properties with a turnover less than 100 million VND/year are not required to pay VAT and PIT.
✳️ Individuals who only have property leasing activities and the rental period is not full year, if the rental revenue is 100 million VND/year or less, they are not required to pay VAT and PIT.
✳️ In case the lessee pays rent in advance for many years, the level of revenue to determine whether an individual is taxable or not is the one-time payment revenue distributed according to the calendar year.
✳️ If the individual leasing the property does not generate revenue for full 12 months in the calendar year (including the case with many lease contracts), the turnover rate of VND 100 million/year or less shall be used to determine individuals leasing properties that do not have to pay VAT or pay PIT is the revenue subject to PIT of a calendar year (12 months); The actual taxable revenue to determine the payable tax amount in the year is the revenue corresponding to the actual number of months incurred for leasing the property.
2. Invoices that do not contain all necessary information will be penalized
💢 Pursuant to Decree 102/2021/ND-CP amending decrees on sanctioning of administrative violations in the field of taxes and invoices; custom; insurance business, lottery business; management and use of public property; practice thrift, fight waste; national reserve; State Treasury; independent accountants and auditors, in which the sanction is added for invoices behavior that do not fully write the required contents on invoices as prescribed.
💢 Invoicing behavior that do not fully write the required contents on invoices as prescribed will be fined from VND 4,000,000 to VND 8,000,000. In addition, the Decree also amends regulations on sanctioning acts of losing, burning or damaging invoices as follows:
🔹 Fine from VND 4,000,000 to VND 8,000,000 shall be imposed for one of the following acts:
▪️ Losing, burning or damaging invoices that have been issued or purchased from tax authorities but have not yet been made;
▪️ Losing, burning or damaging the invoice that has been issued (remitted to the customer) in the use process, the seller has declared and paid taxes, has documents, documents proving the sale of goods and services;
▪️ Losing, burning or damaging invoices that have been made but have not yet declared tax (New content added compared to the current one);
🔹 In case the buyer loses, burns or damages the invoice, there must be a record of the seller and the buyer recording the incident.
▪️ The parties involved must make a record of the loss, fire or damage of the invoice.
🔹 Fine from VND 5,000,000 to VND 10,000,000 shall be imposed for losing, burning, or damaging invoices already made or declared during use or during storage, except for the case specified in Clauses 1 and 2 of this Article. 1, 2, 3 Article 26 of Decree 125/2020/ND-CP.
3. Reduction of fees and charges:
Pursuant to Circular 120/2021/TT-BTC stipulating the rate of collection of a number of fees and charges in order to support and remove difficulties for the objects affected by the Covid-19 epidemic, reducing the collection rate of 37 fees, charges, such as:
🌟 Secured transaction registration fee: Equal to 80% of the fee rate specified at Points a, b and d, Section 1, Fee schedule in Article 4 of Circular 202/2016/TT-BTC stipulating the rates and regimes collection, payment, management and use of fees in the field of secured transaction registration; and equal to 80% of the fee rate specified at point c, point dd, Section 1, fee schedule in Article 1 of Circular 113/2017/TT-BTC amending Circular 202/2016/TT-BTC.
🌟 Fee for issuance of citizen identification: equal to 50% of the fee rate specified in Article 4 of Circular 59/2019/TT-BTC regulating the collection rate, mode of collection, payment and management of fees for issuance of citizen identification.
🌟 Fees in animal husbandry: equal to 50% of the fee rate specified in the Fees Schedule in livestock production issued together with the Circular 24/2021/TT-BTC stipulating the rate of collection, the mode of collection, payment, management and use of fees in livestock production.
🌟 Fee for using railway infrastructure: Equal to 50% of the fee rate specified in Article 3 of Circular 295/2016/TT-BTC stipulating the rate, collection and payment of fees for the use of railway infrastructure.
The above policy is take effect from January 1, 2022 to the end of June 30, 2022.
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