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FROM JULY 01, TO INCREASE THE FAMILY CIRCUMSTANCES-BASED REDUCTION BY VND 2 MILLION/MONTH

On June 02, 2020, the National Assembly Standing Committee issues the Resolution No. 954/2020/UBTVQH14 on adjusting the reduction based on family circumstances for personal income tax.

Accordingly, the level of reduction based on family circumstances for personal income tax is adjusted as follows: Reduction for the taxpayer, which is VND 11 million/month (VND 132 million/year) and reduction for each dependent of the taxpayer, which is VND 4.4 million/month. Thus, the family circumstances-based reduction level is increased by VND 02 million/month for the taxpayer and VND 0.8 million/month for each dependent.

This Resolution takes effect on July 01, 2020 and applies from the tax period 2020.