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Friday, June 14, 2024

Taxman eyes dividends, bonus shares

The Saigon Times

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HCMC – The General Department of Taxation has called for local tax offices to prevent possible losses of personal income tax from those shareholders getting dividends and bonus shares.

To enhance the management of personal income tax on investment capital gains, particularly regarding dividend payments, the General Department of Taxation has requested local tax departments to raise awareness among taxpayers and emphasize full compliance with tax obligations.

Organizations responsible for filing for tax on behalf of individuals since January 1, 2023 must report and pay personal income tax on income from capital investment when individuals transfer shares of the same type.

For stocks held in securities accounts before December 31, 2022, for which an individual has not yet declared or for which no organization has made declarations and payments on their behalf, tax departments will guide taxpayers to file for tax in accordance with prevailing tax management laws.

Tax departments are also tasked with closely monitoring organizations’ tax declarations and payments on behalf of individuals, implementing measures to review and encourage compliance with tax laws.

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