Hanoi, Vietnam, Dec. 10 -- The new law represents a significant overhaul of the current 2007 legislation (amended in 2012 and 2014) to better align with contemporary economic realities and international practices.
The the annual tax-exempt revenue threshold for business households shall be increased to VND 500 million (over US$18,000) from current VND200 million. This means around 2.3 million household businesses shall shall not be subject to revenue tax.
PIT also raises family deductions. Accordingly, deduction for taxpayers shall increase to VND 15.5 million per month per dependent (VND 186 million annually), a significant rise from the current VND 11 million.
The progressive tax schedule for income from salaries and wages has been str...