On June 2nd ,2020 The Standing Committee of The National Assembly issued Resolution No. 954/2020/UBTVQH14 on family circumstance deductions level . Whereby:
Adjusting family circumstance deductions level as prescribed in Clause 1 Article 19 Law on Personal Income Tax No.04/2007/QH12, amending and supplementing a number of articles under Law No.26/2012/QH13 as follows:
- The deduction level for the taxpayer is VND 11 million per month (VND 132 million per year);
- The deduction for each dependant of the taxpayer is VND 4,4 million per month.
For taxpayers, who have already paid at the initial family circumstance deductions level as prescribed in Clause 1 Article 19 Law on Personal Income Tax No.04/2007/QH12, amending and supplementing a number of articles under Law No.26/2012/QH13, their PIT shall be redetermined according to the amended deduction level which is specified in this resolution.
This Resolution shall take effect from July 1st ,2020, and apply for tax calculation in 2020.
