ORDINANCE

AMENDING A NUMBER OF ARTICLES OF THE ORDINANCE ON INCOME TAX ON HIGH-INCOME EARNERS

(No. 14/1999/PL-UBTVQH10 of June 30, 1999)

Pursuant to the 1992 Constitution of the Socialist Republic of Vietnam;
This Ordinance amends a number of Articles of the Ordinance on Income Tax on High-Income Earners of May 19, 1994, which was amended by the Ordinance amending a number of Articles of the Ordinance on Income Tax on High-Income Earners of February 6, 1997.

Article 1.- To amend a number of Articles of the Ordinance on Income Tax on High-Income Earners as follows:

1. Article 9 is amended as follows:

"Article 9.-

The taxable regular income defined in Clause 1, Article 2 of this Ordinance is the total amount of money, that an individual earns on a monthly average in a year of over 2,000,000 VND (two millions VND) for Vietnamese citizens and other individuals residing in Vietnam; over 8,000,000 VND (eight millions VND) for foreigners residing in Vietnam and Vietnamese citizens laboring or on working missions abroad. Particularly for foreigners who are considered as not residing in Vietnam, the taxable regular income is the total revenue generated from their work in Vietnam.

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2. Clause 2, Article 10 is amended as follows:

"2. For foreigners residing in Vietnam and Vietnamese citizens laboring or on working missions abroad:

PARTIALLY PROGRESSIVE TAX INDEX

Unit 1,000 VND

Level

Monthly average income/person

Tax rate (%)

1

Up to 8,000

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2

Over 8,000 up to 20,000

10

3

Over 20,000 up to 50,000

20

4

Over 50,000 up to 80,000

30

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Over 80,000 up to 120,000

40

6

Over 120,000

50

Article 2.- This Ordinance takes effect as from July 1st, 1999.

The earlier provisions which are contrary to this Ordinance are hereby annulled.

Article 3.- The Government shall detail and guide the implementation of this Ordinance.

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THE STANDING COMMITTEE OF NATIONAL ASSEMBLY




Nong Duc Manh