Resolution No. 954/2020/UBTVQH14 adjusting the reduction based on family circumstances for personal income tax

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ATTRIBUTE

Resolution No. 954/2020/UBTVQH14 dated June 02, 2020 of the National Assembly Standing Committee on adjusting the reduction based on family circumstances for personal income tax
Issuing body: National Assembly Standing CommitteeEffective date:
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Official number:954/2020/UBTVQH14Signer:Nguyen Thi Kim Ngan
Type:ResolutionExpiry date:Updating
Issuing date:02/06/2020Effect status:
Known

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Fields:Policy , Tax - Fee - Charge

SUMMARY

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.

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Effect status: Known

THE NATIONAL ASSEMBLY STANDING COMMITTEE

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Resolution No. 954/2020/UBTVQH14

THE SOCIALIST REPUBLIC OF VIETNAM

Independence - Freedom - Happiness

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Hanoi, June 02, 2020

 

                                                                  

RESOLUTION

On adjusting the reduction based on family circumstances for personal income tax

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THE NATIONAL ASSEMBLY STANDING COMMITTEE

 

Pursuant to the Constitution of the Socialist Republic of Vietnam;

Pursuant to the Law on Organization of the National Assembly No. 57/2014/QH13;

Pursuant to the Law on Personal Income Tax No. 04/2007/QH12 which was amended and supplemented under the Law No. 26/2012/QH13;

Pursuant to the Government’s Document No. 188/TTr-CP dated May 07, 2020 and the Appraisal Report No. 1976/BC-UBTCNS14 dated May 15, 2020 of the Budget and Finance Committee on the draft Resolution of the National Assembly Standing Committee on adjusting the reduction based on family circumstances for personal income tax,

 

RESOLVES:

 

Article 1. The level of reduction based on family circumstances

To adjust the level of reduction based on family circumstances as prescribed in Clause 1, Article 19 of the Law on Personal Income Tax No. 04/2007/QH12 which was amended and supplemented under the Law No. 26/2012/QH13 as follows:

1. Reduction for the taxpayer, which is VND 11 million/month (VND 132 million/year);

2.  Reduction for each dependent of the taxpayer, which is VND 4.4 million/month.

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