Law no. 26/20120qh13 dated 22 november 2012 issued by national assembly about amendment, supplement of law on personal income tax.
1. Family circumstance reduction is the amount to be deducted from taxable income before tax calculation for income from business activities, salaries and wages of the taxpayerswho are resident individuals. The reduction includes the two following parts:
a. Deduction for taxpayers is9 million / month (108 million / year);
b. Deduction for each dependent is 3,6 million VND / month.
Clause 1, Article 21 is amended and supplemented as follows:
2. Assessable income from business activities, salaries and wages is the total taxable income as stipulated at Article 10 and Article 11 of this Law, except for social insurance, health insurance, unemployment insurance, compulsoryprofessional liability insurance of a number of lines, voluntary retirement, and the deductions stipulated in Article 19 and Article 20 of this Law.
Government regulates the maximum deduction level for voluntary retirement contributions specified in this clause.
This Law also amends and supplements Clause 2 and Clause 5, Article 3, Clause 10, Article 4, Point c, Clause 1, Article 7, Article 24 of the Law on Personal Income Tax.
This Law takes effect from 01 July 2013.
