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)
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