Tax reduction for lower incomesVietNamNet Bridge – The latest Finance Ministry proposal to reduce income tax levels from seven to five will significantly benefit those earning below VND10 million (US$450) per month. Under the finance ministry’s new proposal, the 5 per cent personal income tax will apply to monthly incomes below VND10 million. — Photo: VNNPham Dinh Thi, head of the ministry’s Tax Policy Department revealed this at a press briefing on Tuesday while announcing changes proposed to the Law on Personal Income Tax. Under the new proposal, the 5 per cent personal income tax will apply to monthly incomes below VND10 million. The Ministry of Finance is also proposing changes to other tax laws such as Corporate Income Tax, Special Consumption Tax and Natural Resource Tax.

Source: VietNamNet News August 17, 2017 11:03 UTC