Law Firms - From July 01, 2013, increasing the reduction level to 9 million
On November 22, 2012, the National Assembly promulgated the Law No. 26/2012/QH13 on amending and supplementing a number of articles of the Law on personal income tax.
Under this Law, reduction for the taxpayer which is increased toVND 9 million/ month. It is equivalent to VND 108 million/year (the previous reduction was 4 million/month, 48 million/year).Reduction for each dependant of the taxpayer, which is VND 3.6 million/month (the previous reduction was 1.6 million / month). However, In case the Consumer Price Index (CPI) changes over 20% compared to the time July 01, 2012 or the latest time point of adjusting the reduction based on family circumstances,the Government submits to the Standing committee of the National Assembly for adjustment of the reduction based on family circumstances specified in this clause in conformity with changes of price in order to apply for the next tax term.
Besides, a taxed income from salary or wage includes incomes from salaries and wages and items in the nature of salaries and wages; Allowances, subsidies; other incomes such as: remuneration in all forms; Money received from participation in business associations, on boards of management, inspection committees, management committees, and from other organizations; Other benefits which the taxpayer receives whether or not in monetary form are not considered as salaries and wages under the Law on Personal Income Tax No. 04/2007/QH12.
This Law takes effect on July 01, 2013.
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