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  Banking Finance

Personal income tax reduced

Vietnamese, Vietnamese working overseas and foreigners working in Viet Nam will all pay reduced personal income tax from now.

The new rates came into effect from July 1 under Government Decree 147/2004/ND-CP issued by the PM.

Under the decree, personal income tax will be applied to both regular and irregular incomes. Taxable thresholds start at VND5 million ($320) for locals and VND8 million ($510) for foreigners and Vietnamese working overseas.

Vietnamese with monthly incomes of between VND5-40 million ($510-2,500) will pay a tax rate ranging from 10 to 30 per cent; those earning more than VND40 million ($2,500) a month will incur a 40 per cent tax rate. Income tax for foreigners who work in Viet Nam and Vietnamese who work overseas will be as follows: a monthly income of between VND8-20 million (US$510-1,280) will be taxed at 10 per cent; from VND20-50 million ($1,280-3,200), 20 per cent; from VND50-80 million ($3,200-5,100), 30 per cent, and more than VND80 million ($5,100), 40 per cent.

Vietnam Agency - (02/08/2004)

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