REGULATIONS ON PERSONAL INCOME TAX FINALIZATION

Is there any change or difference in regulations personal income tax finalization in 2021? Specifically, what are those regulations? How is tax refund done? Where is the place to submit tax finalization documents for self-declared individuals with income earned from 2 or more places? Let's find out with TASCO Tax Agent about the new regulations on personal income tax finalization in 2021 in the article below.

1️⃣ Regulations on personal income tax finalization:

- Organizations and individuals paying incomes subject to personal income tax for incomes from salaries and wages are responsible for tax finalization and personal income tax finalization on behalf of authorized individuals whether or not a tax deduction is incurred.

- Individuals earning incomes from salaries and wages below the family deduction level (11 million VND/month) are not required to pay personal income tax, but organizations and individuals paying incomes still have to declare tax.

- Residents earning incomes from salaries, wages from business are responsible for making a tax finalization declaration. If there is an additional tax paid or an overpaid tax amount, they must request a tax refund or tax offset in the next tax declaration period.

2️⃣ Legal regulations on personal income tax refund:

- Personal income tax refund is the refund of a part of collected tax by a competent state agency to the individual payer when the individual falls into one of the cases to be entitled to a tax refund as prescribed by law.

Pursuant to Article 28 of Circular 111/2013/TT-BTC providing for personal income tax refund:

👉 The personal income tax refund applies to individuals who have registered and have a tax identification number at the time the tax finalization documents are submitted.

👉 For individuals who have authorized tax finalization for income-paying organizations or individuals to make the finalization, the individual's tax refund should be effected through the income-paying organizations or individuals.

👉 Individuals who directly finalize tax with the agency, if there is an overpaid tax amount, they will receive a tax refund or offset against the payable tax amount of the next period at the same tax authority.

👉 In case an individual has incurred a personal income tax refund but turn in late in submitting a tax finalization declaration as prescribed, no fine will be applied for administrative violations in declaring tax finalization overtime.

In cases individuals fully meet the following conditions, they will be entitled to personal income tax refund:

- There is an overpaid tax amount

- Have a personal income tax identification number at the time of requesting tax refund

- There is a request for tax refund

Personal income tax refund procedures:

✅ Step 1: Prepare documents:

According to Article 53 of Circular 156/2014/TT-BTC (amended and supplemented by Circular 92/2015/TT-BTC) regulations on personal income tax refund documents are as follows:

⚡ In case income-paying organizations, individuals make personal income tax finalization on behalf of employees, the following documents are required:

+ A written request for state budget revenues refund, made according to form No. 01/ĐNHT issued together with Circular 156/2013/TT-BTC.

+ Photocopies of documents, personal income tax payment receipts and the legal representative of the organization or individual paying income sign the commitment to take responsibility in that photo.

⚡ In case an individuals earn income from wages and salaries, directly finalize personal income tax with the tax agency. If there is an overpaid tax amount, the individuals is not required to submit a tax refund documents, but only need to write the tax amount refund requested in the target.

✅ Step 2: Submit your documents:

Personal income tax refund documents can be submitted online or in person:

⚡ Submit online:

+ Individuals download Personal income tax Finalization Support software V3.3.1, complete finalization information on declaration 02/QTT-TNCN and list 02-1/BK-QTT-TNCN.

+ After entering all the information, the individual will export the XML declaration, log in to https://canhan.gdt.gov.vn/ to submit the soft copy declaration to the tax authority.

⚡ Submit directly:

+ Individuals bring the finalization documents prepared in step 1 to the tax agency directly for finalization to complete the tax finalization procedures and refund.

✅ Step 3: Tax refund documents processing:

+ According to Clause 3, Article 58 of Circular 156/2013/TT-BTC, within 6 working days from the date of received a complete tax refund documents, the tax authority is responsible for handling the procedures for personal income tax refund.

Regulations on places to submit tax finalization documents of individuals earning incomes from salaries or wages from 2 or more places subject to self-tax finalized:

- Individuals who have calculated family deductions at any organizations shall submit a tax finalization documents at the tax agency directly managing that income-paying organizations or individuals.

- In case individuals has changed their workplace and has calculated personal deductions at the last organization or individual paying incomes, the tax finalization documents shall be submitted to the tax agency directly managing the last organization or individual paying that income.

- In case the individual changes their workplace, at the last organization or individual paying income without personal deduction, the tax finalization documents shall be submitted at the tax department of the locality where the individual is currently residing (place of permanent or temporary residence).

- In case the individual has not yet calculated personal deduction in any income-paying organization or individual, the tax finalization documents shall be submitted at the tax department where the individual is currently residing (place of permanent or temporary residence).

Deadline for personal income tax finalization in 2020, taxpayers should note the following timelines:

- For organizations, enterprises and taxpayers paying income, the deadline for tax finalization is the last day of the 3th month from the end of the calendar year, is March 31, 2021.

- For individuals who directly finalize with tax authorities, according to the provisions of Article 44 of the Law on Tax Administration 2019, the deadline for finalization will be pushed back 1 month compared to before (the last day of the 4th month from the end of the calendar year), is April 30, 2021.

Conclusion:

Above is some information about regulations when finalizing personal income tax that taxpayers need to pay attention but in today's society, taxpayers' personal work is often busy and they do not have time to learn in-depth tax knowledge, leading to incorrect implementation in declaration and payment of the state budget. In order to help taxpayers avoid unnecessary risks in the year-end personal income tax finalization process, TASCO Tax Agent would like to provide customers with a comprehensive personal income tax finalization service at a reasonable cost, commit to comply with the regulations of the law.

With a cost of only 550,000 VND/document, TASCO will perform the following procedures on your behalf:

💡 Prepare tax finalization declaration

💡 Transfer documents to customers to sign

💡 Submit finalization documents online

💡 Submit the finalization documents to the tax office

💡 Support to monitor the status of documents

💡 Commitment does not incur additional costs.

Customers only need to provide the following information:

📌 Provide a photo of your tax deduction and income certification for the year.

📌 Declare existing sources of income in finalization year.

📌 Provide birth certificate or ID card of dependents.

📌 Provide your bank account number, email, phone number and contact address.

ABOUT TASCO TAX AGENT

⭕ TASCO tax agent is one of the tax agents certified by the Tax Department of Ho Chi Minh City to be eligible to provide tax procedure services according to the list announced by the General Department of Taxation.

⭕ TASCO tax agent has experts team who are certified to practice as tax agents and serve customers with the management policy "Whole-hearted - Responsibility - Professional".

⭕ TASCO tax agent always "PUT OUR CUSTOMER'S RIGHTS FIRST" and accompanies businesses throughout the operation period.

TASCO Tax Agent is always ready to support you 24/7, if you have any questions about taxes and need to use our service, please contact TASCO by the methods below for direct advices.

TASCO - Tax agent is responsible for all services

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Please contact TASCO for a free consultation:

 Hotline: 086.468.2446 - 097.548.0868 (zalo)

 Website: dailythuetasco.com or dichvutuvandoanhnghiep.vn

 Email:  lienhe.dailythuetasco@gmail.com