On November 15th, 2021, the Minister of Finance promulgates Circular 100/2021/TT-BTC amending and supplementing a number of articles of Circular 40/2021/TT-BTC guiding VAT, PIT, and tax management for business households and business individuals, accordingly:
The Individuals who only earn revenue from leasing out property and the rental period is not for a full year, if the rental revenue is from 100 million VND/year or less, they are not required to pay VAT and are not required to pay PIT. In case the lessee pays the rent in advance for multiple years, the revenue as the basis for exemption for VAT and PIT shall be the lump-sum payment that is amortized according to the calendar year.
This Circular takes effect on January 1st, 2022.
