Payroll Compliance Updates- Vietnam
A. Update

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.

B. Statutory Compliance Release Date: June 02, 2020
C. Effective Date: July 01, 2020
 

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