8 cases of receiving money into the account must pay income tax

The E-commerce Tax Department (Tax Department) notes that when receiving money into personal accounts from business sources, land sales, prize winnings..., personal income tax must be paid if it exceeds the prescribed threshold.

The tax industry has noted that 8 cases of receiving money into personal accounts must pay tax if it exceeds the prescribed threshold. Photo: Duy Hieu.

The E-commerce Tax Department, Tax Department ( Ministry of Finance ), notes that 8 cases of receiving money into personal accounts may have to pay personal income tax, if they are not exempt or exceed the prescribed threshold.

The first, Income from production, business and professional activities with a license or certificate. However, business individuals with a turnover of 100 million VND/year or less will not be subject to personal income tax and value added tax.

Second , income from salaries and wages, excluding allowances and subsidies not in the nature of salaries and wages as prescribed by law.

Tuesday, Income from capital investment, including: Loan interest, dividend income, income from capital investment in other forms (except income from government bond interest).

Fourth , income from capital transfer, including: Transfer of capital in economic organizations, securities and other forms.

Thursday, Income from real estate transfers, including: Land use rights, houses, attached assets, land and water surface lease rights; other income from real estate transfers in all forms.

Friday, Income from lottery winnings, promotions, betting, games, prize competitions, including all other forms of winnings as prescribed by law.

Seventh , income from copyright of intellectual property objects; income from technology transfer.

Eighth , income from franchising.

The E-commerce Tax Department noted that in the above 8 cases, individuals must pay personal income tax if the amount received is at the prescribed level. In case individuals have fully performed their previous tax obligations, the amount of money transferred for payment later will not be taxed again.

The Tax Department's leaders affirmed that only amounts of money that are essentially income from production, trading of goods, and provision of services give rise to tax obligations.

Money transfers between individuals such as donations, support for relatives, civil loans or transactions not related to commercial activities are not included in revenue for tax purposes.

Source: https://baoquangninh.vn/8-truong-hop-nhan-tien-vao-tai-khoan-phai-nop-thue-thu-nhap-3378065.html