Income tax threshold lifted to 5m dong
The Ministry of Finance has finalised the draft personal income tax ordinance to submit to the National Assembly Standing Committee for approval. The personal income tax threshold for Vietnamese citizens is raised from three million dong to five million dong a month.
Any local taxpayer earning 5–10 million dong a month has to pay 10% tax, income of 10–15 million dong a 20% tax rate, 15–25 million a 30% tax rate and those earning more than 25 million dong, a 40% tax rate.
The highest income tax level at 50% will be abolished.
