The Standing Committee of the National Assembly has issued the official Resolution 954/2020/UBTVQH14 on adjustment of the Personal Income Tax Relief rates, specifically as following:.
- The personal relief is VND 11 million/ taxpayer/ month (VND 132 million/ taxpayer/ year);
- The dependent relief is VND 4.4 million/ qualified dependent/ month
The Resolution will be applicable for the tax year 2020. For individuals who temporarily paid tax liabilities based on the current tax relief rates (9 million VND/ taxpayer/ month and VND 3.6 million/ dependent/ month), their annual taxable income shall be subject to the new tax relief rates when conducting 2020’s year-end personal income tax finalization.