Logo of Phnom Penh Post newspaper Phnom Penh Post - VN lowers income tax thresholds

VN lowers income tax thresholds

VN lowers income tax thresholds

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).

MOST VIEWED

  • Cambodia’s image problem

    In opening remarks at a recent event, Secretary of State at the Ministry of Foreign Affairs and International Cooperation Luy David said information can be a double-edged sword. He told a European Institute of Asian Studies (EIAS) briefing seminar that the media has unfairly presented

  • PM Hun Sen says dangers averted

    Delivering a campaign speech from his home via Facebook Live on Thursday, caretaker Prime Minister Hun Sen said his Cambodian People’s Party (CPP) had carried the country through danger in its latest mandate. He was specifically referring to the threat of a “colour revolution”

  • Kingdom's trade deal with EU questioned before poll

    A European Union (EU) mission met with senior government officials at the Ministry of Interior on Tuesday as the 28-member bloc monitors an agreement under which Cambodian goods reach the crucial European market tariff-free. Some 10 commissioners are in the Kingdom as part of a seven-day

  • A new carrier takes off in capital

    Cambodia Airways, the latest passenger airline to enter the Kingdom, launched its first domestic flight on Tuesday. Flight KR801, carrying 145 passengers, left the Phnom Penh International Airport at 9:50am and landed in Siem Reap at 10:35am in an Airbus A319. Cambodia Airways marketing and branding