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 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 tax registration form (according to the form); a photocopy of the identity card, military ID card or passport for foreigners. Within three working days, the tax authority must issue a personal tax code. Individuals paying personal income tax without going through an income-paying unit can register for a 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 records, car sales records, etc. to immediately create a tax code for that individual without having to declare or submit additional documents.

According to (Hanoimoi.com.vn)-LT