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 a Number of Articles of the Law on Personal Income Tax with a majority of votes on November 22.
Under the revised law, the level at which taxpayers start paying personal income tax will be 9 million VND per month, from the current 4 million VND and for each tax payer dependent the threshold will increase from 1.6 million VND to 3.6 million VND per month.
In the event of the consumer price index rising above 20 percent, or the adjustment of the ‘family circumstances’ income tax threshold is made before the law comes into effect, the Government will ask the National Assembly Standing Committee to adjust the dependents’ exemption level inline with inflation.The law will come into effect on July 1, 2013.
(Source:VNNet)
