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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).

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