The Law on Science , Technology and Innovation officially takes effect from today (October 1).

Notably, Clause 3, Article 71 of this law added Clauses 18, 19, 20 to Article 4 of the 2007 Law on Personal Income Tax (amended and supplemented), which stipulates 3 types of income exempt from tax.

Specifically, there are three income groups exempt from personal income tax, including:

Income from salaries and wages when performing scientific, technological and innovation tasks.

Income from authorship of scientific, technological and innovative tasks when the results are commercialized.

Income of individual investors, experts, founders of innovative startups, or investors contributing capital to venture capital funds.

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Income from scientific and technological activities will be exempt from personal income tax from October 1.

In the draft Law on Personal Income Tax (replacement) that is being consulted by the Ministry of Finance , this agency also proposed to exempt personal income tax from salaries and wages from performing scientific, technological and innovation tasks using the state budget to ensure consistency and synchronization with the Law on Science, Technology and Innovation.

At the same time, the draft law proposes to exempt personal income tax for 5 years on salaries and wages of high-quality digital technology industry human resources. Applicable subjects include individuals working at enterprises and projects in concentrated digital technology zones; projects researching, developing and manufacturing key digital technology products such as semiconductor chips and artificial intelligence; as well as individuals participating in training activities for digital technology industry human resources.

50% reduction in personal income tax on income from salaries and wages of individuals who are high-tech human resources working in the fields of high technology, high-tech application, information technology, science and technology, innovation and digital transformation and a number of priority development fields according to Government regulations.

The Government will specify this in detail.

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Source: https://vietnamnet.vn/3-khoan-thu-nhap-duoc-mien-thue-thu-nhap-ca-nhan-tu-hom-nay-2448032.html