The ins and outs of the new law on personal income taxation (28-11-2007) Nguyen Thi Cuc, former deputy director of the General Deparment of Taxation and one of the drafters of the new Law on Personal Income Tax, answers questions on the new law. What were the criteria on which the National Assembly made its decision on the personal income tax? — Nguyen Minh Hung, 40 Paying income tax is the duty and obligation of all citizens towards the nation. Due to the low income of most people at present, however, the taxable income threshold is set at VND4 million per month plus deductions for each dependent family member of VND1.6 million. The exempted amount takes into consideration the economic growth rate, inflation and changes that may occur in salary systems between now and 2009 when the law takes effect. I don't agree with applying the threshold taxable income level 'across the board' to all regions. What do you think? — Nguyen Thi Nguyet Minh, 36 It is impossible for the … [Read more...] about The ins and outs of the new law on personal income taxation
Work out my income tax
Income tax payers in Viet Nam would receive no tax breaks this year as the current Personal Income Tax Law won't be adjusted until next year, said Cao Ngoc Xuyen, deputy chairman of the National Assembly's Financial and Budgetary Committee, during an interview with Tuoi Tre (Youth) newspaper. There is information saying the Personal Income Tax Law will be amended this year and a number of deputies have supported the plan? I know there exists such information but the NA's Financial and Budgetary Committee along with the Ministry of Finance, worked together to find out the answer. The ministry hoped to complete the amended law to submit to the NA for approval by the end of next year (at the 4th session of the 13th National Assembly). Some local newspapers were informed that the Ministry of Finance would exempt bachelors with monthly incomes of less than VND5 million (US$238), tax payers with one dependant earning less than VND6.6 million ($314) a month, and tax payers with two … [Read more...] about No income tax relief this year
More than a few celebrated singers who are paid some thousands of US dollars per song paradoxically pay tiny, nominal taxes. top singer My Tam allegedly requested US$6,000 for a single song at the upcoming Danang International Fireworks Competition, has raised questions among the public regarding chart-topping singers' incomes and their corresponding tax liabilities. According to the Ho Chi Minh City Tax Office's 2009 to 2011 inventories, many showbiz celebrities even pay less tax than average office employees, though they earn up to several thousand US dollars per song. According to the tax office, as singers' incomes come from various sources, including those without contracts, the office has substantial difficulty watching over them all. By April 11, merely 44 out of 210 artists summoned for tax listing had showed up. Topping the tax evasion 'blacklist' is a female pop singer in the highest song pay band who recently gained even more fame after becoming a judge for a … [Read more...] about How much do top singers pay in income tax?
Phu My Hung Corporation must pay a 25 percent corporate income tax as concluded by the Prime Minister, said the Ministry of Planning and Investment (MPI) in a press conference August 20 in Ho Chi Minh City. The conference was organized by the MPI to officially announce the Prime Minister's decision, issued by the Government Office August 19 with the participation of the local press. … [Read more...] about Urban development firm must pay 25 % income tax; Prime Minister
New tax laws help improve transparency Tax departments throughout the country will have to complete registration procedures and issue tax codes for organizations and individuals within this fourth quarter as new tax laws are going to take effect on January 1, 2009. The time is running out now while the amount of work to be done remains colossal. Vu Van Truong, head of the Tax Policy Department under the Ministry of Finance, speaks to the Daily about some high-flying issues relating to the application of the three new tax laws. Excerpts: The SGT Daily: What are key changes brought about in the three new tax laws? Vu Van Truong: In terms of the Personal Income Tax, Vietnamese citizens are subject to the ordinance on income tax of high-income earners imposed on those with monthly income of over VND5 million. The ordinance discriminates between residents and non-residents, and people with earnings from gifts or prize monies. Since the beginning of next year, the tax is applied to all … [Read more...] about New tax laws help improve transparency