H ANOI - Vietnam has liberalized income tax rules raising tax thresholds and
reducing the top tax rate for foreigners, an official newspaper reported on June
8.
The income at which foreigners start paying tax was raised to five
million dong (about $463) per month from three million dong (about $278), the
English-language Vietnam News said.
Vietnamese will start paying tax at
1.2 million dong (about $111) a month instead of 650,000 dong ($60) at
present.
Both scales in the new ordinance, which the newspaper said was
issued recently by the National Assembly and took effect on June 1, are
graduated in jumps of 10 percentage points up to maximum taxation levels of 60
percent for Vietnamese and 50 percent for foreigners. Foreigners will now pay
the maximum 50 percent rate on incomes of over 70 million dong (about $6,480) a
month, Vietnam News said. The previous maximum rate for foreigners was 60
percent on incomes of over 60 million dong (about $5,555). Vietnamese will pay
the maximum 60 percent on monthly incomes of over eight million dong ( about
$740).
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