Law on personal income tax in Vietnam No 04/2007/QH12 dated November 21, 2007 takes effect as from January 01, 2009 is amended and supplemented by Law No. 26/2012/QH13 on amending and supplementing some articles of the Law on persional income tax takes effect as from July 01, 2013; and Law No 71/2014/QH13 dated November 26, 2014 on amending and supplementing some articles of the law on taxes, takes effect as from date January 01, 2015; and be consolidated text authentication at Law on persional income tax No 15/VBHN-VPQH dated December 11, 2014.

Law on persional income tax No 15/VBHN-VPQH dated December 11, 2014 has some notable amending and supplementing, such as: Additional income tax exemption for: retirement pension funds voluntarily paid monthly (clause 10 of article 4); tax period according to each transfer or years on income from transfer of securities (point c clause 1 article 7); the level of starting taxable income is 9 million VND/ month (108 million VND/ year); and the deduction level for each dependents is 3.6 million VND/ person/ month (clause 1 of article 19); tax on income from the transfer of real estate in Vietnam's non-resident individual is determined by the price of real estate transfer tax rate multiplied by 2% (Article 29).

DMS Lawyers in Vietnam advice with the following contents:

Taxable income

Income which is tax exempt

Reduction of tax

Tax calculation period

Tax management and tax refund

Taxable income from business

Taxable income being salaries and wages

Taxable income being income from capital investments

Taxable income from transfers

Taxable income from real property transfers

Taxable income from winnings or prizes

Taxable income from royalties

Taxable income from franchises

Taxable income from an inheritance or gift

Deduction for family circumstances

Deductions for contributions to charitable and humanitarian funds

Assessable income

Tax applicable to business income

Tax applicable to income from salaries and wages

Tax applicable to income from capital investments

Tax applicable to income from winnings or prizes and from an inheritance or a gift

Point of time for determining taxable income

Responsibilities of income paying entities and responsibilities of taxpayers being non-resident individuals

Law on persional income tax regulates taxpayers, taxable income, tax exempt income, reduction of tax and the basis for calculating personal income tax./.