To implement the revised Law on Personal Income Tax, the Ministry of Finance (MOF) issued Official Letter 8817/BTC – TCT in 8 July 2013 (OL 8817). Notably, the MOF now considers the transfer of shares whether in a public company or a non-public company to be “transfer of securities” for the purpose of personal income tax. Previously, only transfer of shares in a public company is considered as transfer of securities and can be subject to personal income tax at the rate of 0.1% of the transfer price instead of 20% profit. This change could substantially reduce personal income tax liabilities for individual investors in non-public joint stock companies in many cases.