This Ordinance amends and supplements certain Articles of the Ordinance on Income Tax for High-Income Individuals. It applies to individuals with income from economic activities and labor.
Scope of application
Individuals with high income from economic activities and labor.
Key points
- Individuals with income of 10 million VND/month or more → shall pay personal income tax as prescribed.
- Individuals with income of 50 million VND/month or more → shall be subject to a tax rate of 30%.
- Individuals with income of 200 million VND/month or more → shall be subject to a tax rate of 40%.
- Individuals who fail to declare and pay taxes on time → shall be administratively fined with a maximum fine of 50 million VND.
- Individuals with income of 1 billion VND/year or more → shall declare and pay taxes as prescribed.
🌐 Social impact of this document
- Positive impact: Increase revenue for the state budget, fairer distribution of income.
- Negative impact: May impose a financial burden on high-income individuals.
❓ Frequently asked questions
What is the tax rate for individuals with income of 200 million VND/month or more?
The tax rate is 40%.
When must citizens declare and pay taxes?
Individuals with income of 1 billion VND/year or more must declare and pay taxes as prescribed.
What is the maximum fine for individuals who fail to declare and pay taxes on time?
50 million VND
Individuals with income of 10 million VND/month or more must do what?
Shall pay personal income tax as prescribed.
Is there an income threshold for higher tax rates?
The threshold is 50 million VND/month or more subject to a tax rate of 30%, 200 million VND/month or more subject to a tax rate of 40%.
Full text
| PRESIDENT OF THE STATE |
SOCIALIST REPUBLIC OF VIET NAM Independence - Freedom - Happiness |
| Number: 02/2004/L-CTN | Hanoi, April 5, 2004 |
ORDER
REGARDING THE ANNOUNCEMENT OF THE ORDINANCE OF THE STANDING COMMITTEE OF THE NATIONAL ASSEMBLY
PRESIDENT OF THE SOCIALIST REPUBLIC OF VIET NAM
On the basis of Article 103 and Article 106 of the Constitution of the Socialist Republic of Vietnam in 1992, amended and supplemented by Resolution No. 51/2001/QH10 dated December 25, 2001 of the Tenth National Assembly, tenth session;
BASED ON Article 19 of the Law on the Organization of the National Assembly;
BASED ON Article 51 of the Law on Enacting Legal Normative Documents;
NOW PROMULGATES:
The Ordinance amending and supplementing certain Articles of the Ordinance on Income Tax for High-Income Individuals.
Passed by the Standing Committee of the National Assembly of the Socialist Republic of Vietnam, Session XI, on March 24, 2004./.
|
PRESIDENT OF THE STATE
Tran Duc Luong |
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