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INCREASE IN DEDUCTIONS FOR PERSONAL INCOME TAX PURPOSES FROM 2020

The Vietnam Government formally released the Resolution No. 954 on implementation of the reduction in Personal Income Tax for taxpayers on 02 June 2020, these new rates are to be applied by employers from payrolls processed from July 2020.

The deduction for the taxpayer is to increase to VND 11 million/month from the current VND 9 million/month and deduction for dependants is to increase from VND 3.6 million to VND 4.4 million/dependent/month.

And cases that have temporarily used the old deductions for personal income tax purposes will be recalculated when submit the PIT Finalization for 2020.

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