The personal tax code has long been unfamiliar to many people. With the value and benefits that the personal tax code brings; We will help you better understand the personal tax code and the benefits of applying for a personal tax number. What are the benefits? LSX Lawfirm will give you an article about: “The benefits of registering a personal tax number in Vietnam”, as follows:
Legal grounds
Circular No. 111/2013/TT-BTC
The benefits of registering a personal tax number in Vietnam
One of the issues that attracts the attention of individuals who register for a tax code is what benefits they get from this; or more specifically “what are the benefits of registering an individual tax number”. In addition to this being the responsibility of every income earner to society and the community; they themselves also receive many advantages.
Calculated deduction for family circumstances for dependents
Accordingly, Circular 111/2013/TT-BTC providing for family circumstance-based deductions for dependents states that: taxpayers who have registered for a personal tax code and granted a tax code will be eligible for family deduction. situation for dependents. This means that the individual has not made a personal tax identification number; will not be able to apply for the deduction for dependents.
10% personal income tax deduction
So, this means that individuals who register and already own a personal income tax number at the time of commitment will entitle to a non-withholding of 10% of personal income tax. An individual is a person who has an income at one place, and has not yet paid personal income tax and has signed a commitment. Opposite; individuals who do not register as a tax code will deduct 10% of their total income.
Tax relief if you suffer from a natural disaster, fire, unexpected accident or serious illness
Some unexpected cases occur such as natural disasters, fires such as house fires.etc, sometimes even individuals have accidents; or find out that you have a serious illness; Do they get anything special when paying taxes? The answer is yes. They can get a tax reduction when meeting the above cases; even seriousness they can enjoy tax free regime.
Personal income tax refund if overpaid
So, in the unfortunate event that you overpay personal income tax; you worry about not knowing if you will get that change back. Then, Circular 111/2013/TT-BTC clearly stipulates in article 28 that personal income tax refund is only applicable to individuals who have registered and been granted a personal tax identification number at the time of filing. tax finalization. This is one of the benefits of registering for a personal tax code.
Fast and convenient tax services are provided
This is completely understandable, when you have your own personal identification number, you can completely look up your personal tax number, find your personal tax number and even check the tax rates you need to pay through websites. of the General Department of Taxation by logging into your account online. Below we will provide more detailed instructions on how to register for a personal tax number as well as where to register for a personal tax number.
Thus, we have provided the necessary information about the benefits of applying for a personal tax number.
You can also refer to the article about Cases needing to register for a personal tax code in Vietnam, Dossier for registration of personal tax identification for foreigners or Procedures for registration of personal tax identification for foreigners.
Related questions
Accordingly, businesses could pay taxes in the following places: the State Treasury, tax management department, organizations authorized by tax authorities to collect taxes; commercial banks; other credit institutions, and service organizations.
Tax identification number is a sequence of numbers, letters or characters issued to taxpayers by a tax authority in accordance with the Law on Tax Administration. Tax identification number to identify and identify each taxpayer, including taxpayers with import and export activities, and uniformly managed nationwide.
Personal tax identification numbers help tax authorities to identify and identify taxpayers. Therefore, different individuals will have different tax codes.
For earners, the personal tax code is a way for them to show their responsibility to the state and country where they live. Paying personal income tax through owning an individual tax code will help them feel that life is truly meaningful to the community.
Contact LSX Lawfirm
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