Categories: LabourUpdate

Increase to 9 million VND starting taxable personal income

 

 

Increase to 9 million VND starting taxable personal income

 

After 3 months of gathering opinions other ministries, agencies, the latest amendments and supplements a number of articles on Personal Income Tax Law has been submitted to the Government by The Ministry of Finance.

The most positive point is the Ministry has strongly increased the level of family allowances, tax starting with initial calculations on the basis of absorbing the comments.

Accordingly, the level of family allowances for taxpayers themselves are 9 million VND/month, equivalent to over 108 million VND/year, deductions for dependents 3.6 million VND/month/person, equivalent to 43.2 million VND/person/year.

The above adjusted rates are 1.25 times higher than the current levels and increased 50% over the original proposal.

The amendment will come into effect from 01/01/2014.

(Source: Ministry of Finance)


ANT Lawyers

Let us help your business in Vietnam with legal services

Read more on contractbusiness, investmentIntellectual Propertiesemploymentdispute resolution and civil matters.

ANT Lawyers

Recent Posts

Decree No. 147/2024/NĐ-CP: A Comprehensive Framework for Internet and Information Management in Vietnam

With the rise of the digital age, Vietnam has experienced rapid growth in internet usage,…

6 days ago

The Employment in Vietnam Guide: 12 Key Legal Answers for Foreign Companies Entering the Market

Foreign companies entering Vietnam's thriving market face unique legal questions, especially around employing local talents.…

3 weeks ago

13 Critical Steps To Respond to Thailand’s Tough Anti-Dumping Investigation on Cold Rolled Stainless Steel

On October 3, 2024, Thailand’s Department of Foreign Trade (DFT) had officially launched an anti-dumping…

1 month ago

13 Essential Facts You Must Know About Setting Up a Vietnam Representative Office to Test the Market

Introduction For foreign businesses eyeing the fast-growing Vietnamese market, setting up a Vietnam Representative Office…

2 months ago

Anti-Dumping Investigation on Wood Fiber Boards from Thailand and China (AD21)

On September 25, 2024, the Ministry of Industry and Trade officially initiated an anti-dumping investigation…

2 months ago

Kick-Off Event of the 2024 International Mediation Writing Competition in Vietnam

The Weinstein International Foundation (WIF) has officially launched the 2024 International Mediation Writing Competition (IMWC2024).…

2 months ago