Personal income tax brackets to be cut

The Ministry of Finance is urgently drafting the Law on Personal Income Tax to replace the prevailing Ordinance on Personal Income Tax and submit to the government soon.
It is likely that the personal income tax threshold will be raised and tax rates will no longer stand at the current five million dong a month, it may be lower than this amount aimed at extending the list of taxpayers.
It would, however, reduce tax rates for special groups like married persons who would pay less tax than their single counterparts for the same income, the sources revealed further.
The draft law will be submitted to the government in the second quarter this year for consideration and approval and will likely take effect in 2009.

 

Category: Legal