Faro Vietnam would like to update you on the followings:
The Standing Committee of the National Assembly has just issued the official Resolution 954/2020/UBTVQH14 on adjustment of the Personal Income Tax Relief rates on 2 June 2020, specifically as following:
The personal relief is VND 11 million/ taxpayer/ month (VND 132 million/ taxpayer/ year);
The dependent relief is VND 4.4 million/ qualified dependent/ month.
The Resolution will take effective from 1 July 2020 and will be applicable for the tax period of the year 2020. For cases who temporarily paid tax liabilities based on the current tax relief rates (9 million VND/ taxpayer/ month and VND 3.6 million/ dependent/ month), their annual taxable income shall be subject to the new tax relief rates when conducting 2020’s year-end personal income tax finalization.
Contact us for further information
Tel: + 84 24 3974 3091 (Hanoi Office) / + 84 28 3821 4654 (HoChiMinh city office)