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On June 2, 2020 the standing committee of the national assembly issued Resolution No.954/2020/UBTVQH14 changes to personal income tax exemptions. Accordingly, personal income tax exemption redulation in the Law on Personal Income Tax 2007 have been amended and supplemented as follows:
Personal exemption: 11 million VND/month (132 million VND/year). Meanwhile, the deduction level for taxpayers themselves is currently prescribed at VND 9 million/month (VND 108 million/year).
Dependent exemption: 4,4 million VND/dependent/month. Current this deduction is 3,6 million VND/month.
As such, the new regulation at Resolution No. 954/2020/UBTVQH14 has increased the discount on tax payers for more than 2 million VND/month and for each dependent additional 800 thousand VND/month.
For cases where the tax has been paid in accordance with the current deductibles, the personal income tax amount must be filed by the deduction of the scene at resolution 954/2020/UBTVQH14 when settling personal income tax in 2020.
This Resolution takes effect from July 1, 2020 and applies from the 2020 tax period.