Update On New Regulations And Important Tax Policies - June 2020

Cập Nhật Các Văn Bản Quy Phạm Pháp Luật Mới & Một Số Chính Sách Quan Trọng Về Thuế - Tháng 06 2020

Grant Thornton Vietnam

In this newsletter, are the following important regulations and important tax policies including: 1) Resolution No. 954/2020/UBTVQH14 on adjustment of family relief for PIT purpose, 2) Resolution 84/NQ-CP on a number of solutions to support businesses after Covid-19, 3) Official Letter No. 5977/BTC-TCT on the implementation of Decree No. 41/2020/ND-CP, 4) Decree No. 57/2020/ND-CP amending the preferential import-export tariff.

1. Resolution No. 954/2020/UBTVQH14 on adjustment of family relief for PIT purpose On 02 June 2020, The Standing committee of the National Assembly issued Resolution to adjust family deduction specified in Clause 1 Article 19 of the Law on Personal Income Tax No. 04/2007/QH12, amended by Law No. 26/2012/QH13, in details:

• Personal relief for tax payer is VND11,000,000 /month (previously was 9,000,000 VND/month); and

• Dependent relief for each dependent is VND4,400,000/month (previously was VND3,600,000/month) This Resolution comes into effect from 01 July 2020 and is applied from the tax period of 2020.

 

3. Official Letter No. 5977/BTC-TCT on the implementation of Decree No. 41/2020/ND-CP

On 20 May 2020, the Ministry of Finance issued Official Letter No. 5977/BTC-TCT on the implementation of Decree No. 41/2020/ND-CP to ministries, ministerial-level authority, and authorities under Government and People's Committees of provinces and cities under central authority. Accordingly, the Ministry of Finance noted 06 contents related to the extension of payment of corporate income tax and value added tax in Article 3 of Decree 41.

 

 

 

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Tags

  • Vietnam
  • General
  • Personal Income Tax
  • Corporate Income Tax
  • Corporate Tax
  • Import-Export Tax
  • Pandemics ( Coronavirus )

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