On June 15, 2015, the Ministry of Finance issued the Circular No. 92/2015/TT-BTC on guidelines for vat and personal income tax incurred by residents doing business, amendments to some articles on personal income tax of the Law No. 71/2014/QH13 on the amendments to tax Laws and the Government’s Decree No. 12/2015/ND-CP on guidelines for the Law on the amendments to tax Laws and Decrees on taxation.
In case transfer of real estate is exempt from personal income tax beside the case that people processing house or land use right at least 183 days is exempt from PIT when transferring real estate, the house or land use right has been possessed for at least 183 days before they are transferred. The time for determine the house ownership or land use right is the date of the certificate of land use right, ownership of house and other property on land. In case the certificate is reissued or replaced under regulations of law land, the time for determine the house ownership or land
use right is the date of the certificate of land use right, ownership of house and other property on land before reissuance or replacement.
Another important contents is the regulation on incomes exempted from tax; in particular, incomes from wages and remunerations of Vietnamese crewmembers from working for foreign shipping companies of Vietnamese shipping companies that provide international transport services and incomes of individuals being ship owners or individuals having the right to use the ships from provision of goods/services directly serving offshore fishing shall be exempted and is applied to the tax period 2015 onwards.
Securities transferee shall pay 0.1% tax on the price of each transfer and tax on real estate transfer is 2% of the transfer price or sublease price.
This Circular takes effect on July 30, 2015 and is applied to the tax period 2015 onwards..
Source: luatvietnam.vn
