Recently, the Standing Committee of the National Assembly issued Resolution 954/2020/UBTVQH14 on adjusting the personal income tax family deduction levels dated June 2, 2020, which officially took effect from July 1, 2020.
Article table of contents
According to this Resolution, the personal income tax family deduction will take effect from July 1, 2020, and apply from the 2020 tax calculation period specifically as follows:
- The deduction for the taxpayer is 11 million VND/month (132 million VND/year) (According to current regulations, it is 9 million VND/month, equivalent to 108 million VND/year);- The deduction for each dependent is 4.4 million VND/month (According to current regulations, it is 3.6 million VND/month).
The personal income tax (PIT) that employees have to pay will be reduced, and in cases where an individual's income is below 11 million VND, they will not have to pay PIT.
To thoroughly support taxpayers, THU KY LUAT would like to send our esteemed customers and members the Excel File for calculating personal income tax according to the latest family deduction rates below:
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Excel File for calculating PIT according to the family deduction of 11 million VND - Illustrative Image
Excel File for calculating PIT according to the family deduction of 11 million VND
=> The method of calculating personal income tax in this Excel file is very simple, just enter the monthly taxable income and the number of dependents to get the result immediately.
Legal Basis:
- Personal Income Tax Law 2007;
- Amended Personal Income Tax Law 2012;
- Law on Amendments to Various Tax Laws 2014;
- Resolution 954/2020/UBTVQH14.
Le Hai
