Based on Clause 1, Article 1 of Law No. 26/2012/QH13 dated November 22, 2012, amending and supplementing a number of articles of the Personal Income Tax Law, the following cases of personal income tax exemption have been supplemented:
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+ Social welfare allowances and other allowances and subsidies that are not in the nature of wages or salaries shall be exempt from Personal Income Tax.
+ Pensions paid by the Social Insurance Fund and monthly pensions paid by the voluntary pension fund are exempt from Personal Income Tax. Additionally, according to this Law, any income received from the transfer of real estate in any form shall be subject to Personal Income Tax.
According to the Personal Income Tax Law 2007, if an individual applies the tax calculation period on a yearly basis, it must be registered at the beginning of the year with the tax authorities for income from securities. However, according to the amended Personal Income Tax Law 2012, individuals are no longer required to register at the beginning of the year with the tax authorities. Based on Clause 4, Article 1 of the amended Personal Income Tax Law 2012, the family circumstance deduction has been changed compared to the previous law, specifically:
+ The deduction for taxpayers is VND 9 million/month. (VND 108 million/year).
+ The family circumstance deduction for dependents is VND 3.6 million/month. Based on Clause 5, Article 1 of the amended Personal Income Tax Law 2012: Contributions to Unemployment Insurance and voluntary pension funds will be deducted when determining taxable income for Personal Income Tax.
Source: Web Ke Toan
