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Ministry of Finance has just issued Circular No. 12/2011/TT-BTC to amend Circular No. 84/2008/TT-BTC and Circular No. 02/2010/TT-BTC guiding implementation of some articles of Law on personal income.

 Personal income tax is exempted from certified gold deposits, interest earned from deposits in banks and financial institutions and from insurance contracts.

 Besides, the new circular rules that future contract of land use ownership will be levied on contract parties that already have land use right and own house. Tax will be excluded for those parties which have not.

 The circular will come into effect from March 12, 2011 and override guidelines on personal income tax paying which are against this circular.

 According to SGGP – Translated by Vi Bao