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Finance Ministry announces draft personal income tax law
As of 2014, those who earn less than VND6 million will not have to pay personal income tax, says the Ministry of Finance.
The information was released at a press briefing held in Hanoi on March 8 to announce the draft law on personal income tax.
According to the draft law, the proposed deduction is for individual taxpayers of less than VND6 million per month, much higher than those of less than VND4million as stipulated in the current Law on Personal Income Tax.
The deduction for each dependent of the taxpayer will be VND2.4 million per month instead of the present VND1.6 million, says the draft.
The MoF also proposes removing the highest tax rate of 35 percent and maintain other rates as mentioned in the current law.
Speaking at the press briefing, Nguyen Van Phung, Deputy Director General of the Department of Tax Policy, said since the Personal Income Tax that took effect in 2009, 15 million people have been granted with a personal tax code, including 1.3 million salary earners and 194,000 household businesses.
MOF Deputy Minister Vu Thi Mai said amendments to the Law are aimed at achieving the long-term goal of equally regulating personal incomes, improving taxpayers’ living conditions, and encouraging people to increase their incomes
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