HANOI, Oct 17 (Bernama-Xinhua) -- Vietnam's National Assembly Standing Committee has adopted a resolution adjusting the family circumstance-based deduction levels for personal income tax, reported Xinhua citing a Vietnam News Agency report.
Under the freshly passed framework, the deduction for each taxpayer will increase to 15.5 million Vietnamese dong (about US$590 ) from 11 million Vietnamese dong (about US$420) per month.
Meanwhile, the amount for each dependent will rise to 6.2 million Vietnamese dong (about 240 dollars) from 4.4 million Vietnamese dong (about US$170), according to the report.
The new deduction will take effect from the 2026 tax year.
According to the Ministry of Finance, the adjustment is expected to reduce the state budget revenue by roughly 21 trillion Vietnamese dong (about US$800 million) annually compared with current collection levels.
--BERNAMA-XINHUA
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