Which types of salaries are tax-exempt?

(NLĐO) - The latest draft of the amended Personal Income Tax Law proposes that quite a few types of income be exempt from tax.

People conduct transactions at a tax office in Ho Chi Minh City.

The Ministry of Finance has just submitted to the Ministry of Justice for appraisal a draft amendment to the Personal Income Tax Law, with many notable new points aimed at reducing the tax burden for workers and related parties.

One of the key proposals is to exempt from tax the portion of income from overtime or night work wages if these wages are higher than the wages earned during regular working hours.

For example, if a worker earns 100,000 VND per hour for daytime work but is paid 120,000 VND per hour for overtime at night, the difference of 20,000 VND per hour will be exempt from personal income tax. This regulation aims to encourage workers to work overtime while reducing their financial burden.

In addition, the draft also proposes tax exemptions for many other types of income, including: income from the transfer, inheritance, and gifts of real estate between relatives such as husband and wife; biological parents and children; adoptive parents and adopted children; parents-in-law and daughters-in-law; parents-in-law and sons-in-law; grandparents and grandchildren; and siblings.

Income from agricultural , forestry, and fisheries production by households and individuals, including unprocessed or only minimally processed crop products, planted forests, livestock, aquaculture, and fishing products; and salt production.

Income from environmental and green finance, including the transfer of emission reduction certificates, initial carbon credits; interest from green bonds; income from the initial transfer of green bonds…

After being reviewed by the Ministry of Justice, the draft amendment to the Personal Income Tax Law will be submitted to the National Assembly for consideration and approval in the near future.

Source: https://nld.com.vn/thu-nhap-nao-duoc-mien-thue-196250906122303467.htm