After nearly two decades of implementation, the Law on Personal Income Tax 2007 and its subsequent amendments and supplements have promoted their significant role but also revealed shortcomings in the context of socio-economic developments. Currently, the Law on Personal Income Tax (the Draft Law) is being drafted and consulted for public comments, with the aim of addressing existing limitations and improving the legal framework governing personal income tax. In this Legal Newsletter, NHQuang&Associates will analyze certain new provisions of the Draft Law that may potentially affect individuals.

(i) Amendment and supplement of taxable incomes;
(ii) Amendment of the regulations on family deduction for individual taxpayers and dependents;
(iii) Adjustment of the Personal Income Tax Schedule from 7 to 5 brackets; and
(iv) Amendment of the regulations on personal income tax for real estate transfer.