Law No. 26/2012/QH13 dated 22 November 2012 of national assembly of amendment, additions to some provisions of Law on PIT
1. Family circumstances deduction is the amount minus taxable income before tax calculation for income from business, salary, wage of taxpayers who are resident individuals, which includes 2 parts:
a. Family circumstances deduction of taxpayers is 9 million VND/month (108 million/year);
b. Deduction level for each dependant is 3.6 million VND/ month.
Clause 1, article 21 is amended and added as follows:
2. Assessable income for income for business, salary, and wage is total taxable income as regulations of article 10 and 11 of this Law, except social insurance, health insurance, unemployment insurance, and vocational insurance for some industries with compulsory insurance, voluntary pension fund, and deductions under regulations of article 19 and 20 of this Law.
Government defines maximum deduction level for voluntary pension fund as regulations of this clause.
Law amends, adds clause 2 and 5, article 3, clause 10 article 4, point c clause 1 article 7, article 24 of Law on PIT.
This Law is effective from 01 July 2013
