The Law on amending and supplementing a number of articles of the Law on personal income tax 2007 of Vietnam was issued on November 22, 2012. One of the notable amendments of this document is the regulation on taxed incomes previously specified in Article 21 of the Law on Personal Income Tax 2007 of Vietnam.
Specifically, according to Clause 5 Article 1 of the Law on Personal Income Tax amended in 2012 amending Clause 1 Article 21 of the Law on Personal Income Tax 2007 of Vietnam, taxed incomes are prescribed as follows:
- A taxed income from business, salary or wage is the total of taxable incomes specified in Articles 10 and 11 of the Law on Personal Income Tax 2007 of Vietnam minus premiums of social insurance, health insurance, unemployment insurance and professional liability insurance for some professions and jobs subject to compulsory insurance, the Voluntary Retirement Fund and reductions specified in Articles 19 and 20 of the Law on Personal Income Tax 2007 of Vietnam.
The Government shall stipulate the maximum level permitted to minus for amounts of contribution in the Voluntary Retirement Fund specified above.
- Taxed incomes from capital investment, capital transfer, real estate transfer, won prizes, copyright royalties, commercial franchising, inheritances or gifts are taxable incomes specified in Articles 12, 13, 14, 15, 16, 17 and 18 of the Law on Personal Income Tax 2007 of Vietnam.
View more amendments at the Law on Personal Income Tax amended in 2012 effective from July 01, 2013 on amending and supplementing a number of articles of the Law on Personal Income Tax 2007 of Vietnam.
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