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Revised law on personal income tax passed

The National Assembly passed the Law on the Amendment and Supplement to a Number of Articles of the Law on Personal Income Tax with a majority of votes on November 22.
The National Assembly passed the Law on the Amendment and Supplement to aNumber of Articles of the Law on Personal Income Tax with a majority ofvotes on November 22.

Under the revised law, thelevel at which taxpayers start paying personal income tax will be 9million VND per month, from the current 4 million VND and for each taxpayer dependent the threshold will increase from 1.6 million VND to 3.6million VND per month.

In the event of the consumer priceindex rising above 20 percent, or the adjustment of the ‘familycircumstances’ income tax threshold is made before the law comes intoeffect, the Government will ask the National Assembly Standing Committeeto adjust the dependents’ exemption level inline with inflation.

The law will come into effect on July 1, 2013.-VNA

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