When new regulations on personal income came into force January 1 HCM City Department of Taxation only managed to process 500,000 personal tax codes, ‘Tax Identification Numbers’ (TIN), 25% of taxpayers affected by the new law.
The Department reports most businesses in the city have finished registration to receive tax codes for their employees.
Meanwhile people without a TIN must pay tax of 20%, those with a TIN will pay 10%. However, the department says that the charge will be applied only infrequentand non-contractual workers.
Foreigners, who work more than six months,will receive a rebate if they do not pass the annual threshold of VND96 million ($5,500).
Ha Noi’s Department of Tax has been inundated with applications for TIN over recent days. The Department was expected to process 1.5 million codes but has been unable to finish before regulations came into effect.
The deadline for TIN registration in Ha Noi has been extended until the end of January. (Sai Gon GP)
Thursday, February 19, 2009
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