HANOI: Vietnam will raise the tax-free income threshold and increase deductions for dependants in a move to increase consumption and lift economic growth, state media reported on Friday (Oct 17), citing a parliamentary resolution and a government minister.
The changes will reduce the government's income-tax revenue by 21 trillion dong (US$800 million) a year, the Cong Thuong newspaper cited deputy finance minister Nguyen Duc Chi as saying.
Under the changes adopted by lawmakers, the tax-free threshold will be raised to 15.5 million dong per month from 11 million dong, and the deduction for each dependant will be raised to 6.2 million dong from 4.4 million dong. - Reuters
