Vietnam Announces Approval of Amendments to Individual Income Tax

The Vietnamese Government Dec. 10 announced approval of a bill to amend individual income tax. The announcement includes: 1) an increase, to 500 million Vietnamese dongs (US$18,990) from 200 million dongs (US$7,596), in the annual tax exempt revenue threshold for business households; 2) an increase, to 15.5 million dongs (US$589) per month per from 11 million dongs (US$418), in the standard deduction for taxpayers; 3) a reduction, to five from seven, in the number of brackets, for the progressive tax schedule for income from salaries and wages; and 4) an increase in the threshold, to monthly income above 100 million ...