Tax on property rental
Property rental Tax is set by the rental received on the following types of properties:
- Residential and commercial buildings or properties
- Industrial and commercial installed equipment
- Floating water crafts / homes or ships used as homestay or place of business
- Land without buildings used for stone, mine and coal extraction, lakes and salt pan field
- This tax is collected from proprietors or leaseholders
The tax rate is equivalent to 10% of the gross rental. This gross rental must be included in the lease agreement.
5 apartment units
Rented at $200 per week
|Number of apartment units||5|
|Property Tax 10%||($200 x 5 ) x 10% = $100|
How to register:
To register to become a taxpayer for property tax, the first thing you must do under this law is to register at your tax branch. You only need to register the property if it’s worth $25,000 or more. You should go to your tax branch where the property is located and complete two forms: PT01 and PT02.
When are tax payments due?
The tax payment is an annual obligation due by September 30th.