Latest Personal Income Tax Deduction Rate According to Decree 954/2020 / UBTVQH14 (Effective from 01/07/2020)

On June 2, 2020, the Standing Committee of the National Assembly issued Resolution 954/2020 / UBTVQH14 (effective from 1 July 2020) on adjustment of family deductions for personal income tax. Accordingly, from July 1, increase the family allowances by 2 million VND / month

Latest personal income tax deduction

According to Resolution 954/2020 / UBTVQH14, the National Assembly decides to adjust the family deduction rate specified in Clause 1, Article 19 of the 2007 Law on Personal Income Tax, which is amended and supplemented under the Law on Income Tax. Individual revised 2012:

    1.The deduction for taxpayers with income from salaries and wages increased from 9 million VND / month (ie 108 million VND / year) to 11 million VND / month (ie 132 million VND / year).
     2.The deduction for dependents increased from 3.6 million / month to 4.4 million / month
Then, on June 23, 2020, the General Department of Taxation issued Official Letter No. 2546 / TCT-DNNCN on the implementation of Resolution No. 954/2020 / UBTVQH14. Whereby:

Cases in which tax has been temporarily paid according to the family allowances specified in Clause 1, Article 19 of the 2007 Law on Personal Income Tax, a number of articles of which are amended and supplemented under Law No. 26/2012 / QH13 (VND 9 million / month for taxpayers and 3.6 million dong / month for each dependent) are re-determined the payable personal income tax amount according to the family deduction rate specified in this Resolution upon tax finalization. personal income 2020.

Resolution 954/2020 / UBTVQH14 is applicable from the tax period of 2020.

Above is the content TASCO Tax Agent provides you with the latest personal income tax deduction according to Resolution 954/2020 / UBTVQH14.

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