Real estate transfer must have personal income tax code

The Ministry of Finance has just issued Circular 80/2012/TT-BTC, guiding the Law on Tax Administration. Accordingly, from July 1, individuals transferring real estate must have a personal income tax (PIT) tax code (MST).

The Circular stipulates that income from selling motorbikes, cars, winning prizes, winning lottery, individuals requesting personal income tax refunds, etc. must also have a tax code in order to be able to complete tax payment and refund procedures. Currently, to facilitate taxpayers in issuing tax codes, the General Department of Taxation has issued regulations that when taxpayers request to issue personal income tax codes, they only need to fill in the information on the tax registration form (according to the form); photocopy of identity card, military identification card or passport for foreigners. Within three working days, the tax authority must issue personal income tax codes. Individuals paying personal income tax without going through an income paying unit can register for a personal income tax code at three places: the tax authority where the taxable income arises, the place of permanent residence registration or temporary residence. In case an individual declares tax without having a tax code, the tax authority will base on the individual's information in the real estate transfer, car sale and purchase records... to immediately create a tax code for that individual without having to declare or submit additional documents.

According to (Hanoimoi.com.vn)-LT