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Question: I have been selling online since 2019 through groups on social networks Facebook, Zalo, then ship COD to customers.
Every week, the units will transfer money into bank accounts. Previously, the revenue was about 2 billion VND/year. For more than a year now, it has been nearly 1 billion VND/year. After deducting expenses and original prices, the annual income is not much.
I have heard that the government will collect taxes. So in my case, how will the tax authority collect taxes and what percentage will it calculate? Will I be fined because I have not paid taxes for the past 5 years?
What if I want to pay my taxes proactively?
HA MY (Nam Sach)
Reply:In your case, tax arrears may occur if the tax authorities determine that you have not fulfilled your tax obligations in the past, despite your business activities. Here are some important points related to taxes and how you can proactively pay your taxes:
Tax collection
Value Added Tax (VAT): If you sell goods and have a turnover of 1 billion VND/year or more, you may have to pay VAT. The common VAT rate is 10% for consumer goods such as products for mothers and babies.
Personal income tax (PIT): PIT is calculated as a percentage of income after deducting reasonable expenses. This tax rate will depend on the income level and the tax calculation method (if you declare tax using the declaration method, the tax rate can range from 5 - 35%, depending on income). If you do not declare tax, the tax authority will apply the assessment (estimate) method and may apply a higher tax rate.
Fines and collection
If you have not paid your taxes in the past 5 years, the tax authorities may collect tax arrears with a penalty of 1-3 times the unpaid tax amount, depending on the severity of the violation. However, the specific penalty will be calculated according to the law and your specific situation.
Additionally, you may be subject to penalties for failing to file, filing inaccurately, or failing to pay taxes on time.
How to proactively pay taxes
Tax registration: You need to register for a personal tax identification number or a business tax identification number with the tax authorities. This helps the tax authorities monitor your activities and determine your tax obligations.
Tax declaration: Every month or quarter, you need to declare VAT and personal income tax (if any). You will have to submit tax reports and pay taxes on time.
Tax payment: After declaring, you need to pay taxes to the state budget. This can be done through the bank or through the tax authority system.
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