ADJUSTING THE REDUCTION BASED ON FAMILY CIRCUMSTANCES ON JULY 01, 2020
ENTERPRISES ARE ELIGIBLE FOR DEFERRAL OF TAX AND LAND RENT DUE TO EFFECTS OF COVID-19
18/05/2020
NOTES RELATED TO EXTENSION OF THE DEADLINE FOR PAYMENT OF ADDED VALUE TAX, CORPORATE INCOME TAX
22/06/2020ADJUSTING THE REDUCTION BASED ON FAMILY CIRCUMSTANCES ON JULY 01, 2020
Dear Valued Clients,
On June 02, 2020, the Standing Committee of the National Assembly issued the Resolution No. 954/2020/UBTVQH14 adjusting the reduction based on family circumstances from personal income tax, accordingly,
1. The reduction based on family circumstances specified in Clause 1 Article 19 of Law on Personal Income Tax 04/2007/QH12 amended and supplemented by Law No. 26/2012/QH13 will be adjusted as follows:
– Reduction for the taxpayer, which is VND 11 million/month (VND 132 million/year);
– Reduction for each dependant of the taxpayer, which is VND 4.4 million/month.
2. This Resolution takes effect on July 01, 2020 and applied from the tax period in 2020.
Regarding cases of temporary tax payment under the reduction based on family circumstances specified in Clause 1 Article 19 of Law on Personal Income Tax No. 04/2007/QH12 amended and supplemented by Law No. 26/2012/QH13, the payable personal income tax amount will be re-determined under the reduction based on family circumstances specified in this Resolution when finalizing personal income tax in 2020.
FUJILAW hereby updates for Valued Clients to know.
Best regards,
