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Vietnam finance ministry plans to ease income tax rules
Vietnam’s Ministry of Finance is considering raising the tax threshold on infrequent income to VND1 million, twice the current level, news website VnExpress reported Saturday.
Infrequent income of VND500,000 or more, including royalties, lottery winnings and earnings from one-time employment contracts, is currently subject to a 10 percent tax.
The Finance Ministry said it also plans to classify taxpayers with infrequent income into two groups. Only those with total income of VND4 million and more per month will have to pay the 10 percent tax for their infrequent income.
The ministry had previously proposed increasing the taxable income threshold from VND4 million (US$195) a month to VND5 million ($240) amid high inflation this year.
However, the National Assembly's Financial and Budgetary Committee rejected the proposal, saying that the current Personal Income Tax Law would stay unchanged throughout this year.
Analysts and taxpayers have been urging the government to make amendments to the law, which was approved in 2007, to keep it updated with current economic situations. Some analysts think that the infrequent income tax threshold in particular is now too low.
ThanhNien
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