Friday , July 19 2024

Landlords with annual income under $4,300 not subject to tax

Landlords earning less than VND100 million ($4,332) a year do not need to pay value-added or personal income tax, according to a new circular by the Ministry of Finance.

If tenants pay at once over several years, the taxable income of landlords will be determined by dividing the total payment for the number of lease years.

A landlord with several leased units will need to pay tax for the combined income of all those units.

The latest circular means the finance ministry has not approved a request from the Ho Chi Minh City Real Estate Association (HoREA) in June to increase the taxing threshold to VND200 million.

Landlords with an annual rental income of over VND100 million are subject to a 5 percent value-added and 5 percent personal income tax.

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